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SKF Test Center wins design prize at the International Architecture Awards

31st January 2019 The technologically innovative Sven Wingquist Test Center has been awarded the highly-regarded design prize, in the ‘industrial’ category. SKF is proud to have won a Design Award for its Sven Wingquist Test Center at The International Architecture Awards, a competition that recognises outstanding... 

Eldorado opts for heap leaching at Kisladag, shelves milling project

By: Mariaan Webb     31st January 2019 Canada-based Eldorado Gold will resume mining and heap leaching at the Kisladag mine, in Turkey, putting on hold a previously announced mill project. The decision to resume mining and heap leaching follows improved heap leach recoveries and a revised heap leaching plan that was developed early... 

Eldorado beats guidance, on track for Q1 Lamaque commercial production

By: Marleny Arnoldi     22nd January 2019 TSX- and NYSE-listed Eldorado Gold exceeded 2018 production guidance, producing 349 147 oz of gold. The target was set at between 290 000 oz and 330 000 oz. Eldorado produced 292 971 oz in 2017.  

Talks under way to build new gas pipeline to Egypt, Israel says

By: Bloomberg     16th January 2019 Talks are in progress to build a new underwater gas pipeline between Israel and Egypt, part of efforts to transform the eastern Mediterranean into an energy export hub on Europe’s doorstep, Israeli Energy Minister Yuval Steinitz said. Israeli gas stocks rose. Construction could begin as early as... 

South Africa improves its score in 2018 Index of Economic Freedom

By: Marleny Arnoldi     7th January 2019 South Africa’s ranking in the 2018 Index of Economic Freedom has improved, with the country ranked fourth in the Africa region and seventy-seventh out of 180 countries globally, reports Heritage Foundation. Marketing agency Brand South Africa research GM Dr Petrus de Kock says the index... 

Greek PM-wannabe says unblocking Skouries a priority

By: Bloomberg     17th October 2018 Kyriakos Mitsotakis says he’s a man with a mission. The leader of New Democracy, currently Greece’s main opposition party – who will become Prime Minister if his party wins general elections next year – says what the country needs more than anything else is investment. With that in mind, he says... 

Is the reign of Glencore’s billionaire copper king near its end?

By: Bloomberg     9th October 2018 Aristotelis Mistakidis is one of the world’s most powerful commodity traders. For nearly 20 years, the brash, hyperactive Greek known to everyone simply as “Telis” has ruled over the global copper market, buying and selling enough of the red metal to supply every factory in the US twice over.... 

Eldorado claims €750m from Greek State over permit delays

By: Marleny Arnoldi     18th September 2018 Gold and base metals producer Eldorado Gold’s Greek subsidiary Hellas Gold has filed an application for payment with the Hellenic Republic, requesting about €750-million for damages suffered by the company, arising from delays in the issuance of permits for the Skouries project, in northern... 

Eldorado increases FY guidance after ‘excellent’ Q2

By: Mariaan Webb     27th July 2018 Canadian midtier miner Eldorado Gold on Thursday increased its full-year production expectations, after reporting better-than-expected output from its flagship Kisladag mine, in Turkey, in the three months ended June. The company’s production jumped 56% from 63 392 oz in the second quarter of... 

Greece shortlists Glencore, Vitol in Hellenic Petroleum majority stake sale

By: Reuters     18th July 2018 Greece has shortlisted Anglo-Swiss Glencore and Swiss Vitol to submit a binding bid for a majority stake in the country's biggest oil refiner Hellenic Petroleum, its privatisation agency said on Wednesday. Athens last month received five expressions of interest for a 50.1% stake that Greece and... 

Kirkland Lake’s Yee joins Eldorado as finance chief

By: Mariaan Webb     11th July 2018 Gold and base metals producer Eldorado Gold has appointed Kirkland Lake’s Philip Yee as executive VP and CFO with effect from September this year. Announcing the appointment on Tuesday, Eldorado president and CEO George Burns said Yee would strengthen the company’s leadership team. “Phil brings... 

Corruption’s heavy toll

By: Martin Zhuwakinyu     6th July 2018 Picture this scene: you are driving along a road in suburban Johannesburg and a stern-looking cop pulls you over, informing you, as you wind down your window, that you have exceeded the speed limit or committed any of several traffic infractions. In a tone that can put the fear of God into any... 

Greece aims to resolve Eldorado standoff over metallurgy plant soon

By: Reuters     22nd May 2018 Greece aims to resolve a long-standing standoff with Canada's Eldorado Gold over its development plans in the coming weeks, the Energy Ministry said on Tuesday. The differences between Eldorado and the government over the miner's plans to produce gold and other metals in the northern Greek... 

WPM hopeful of reaching CRA settlement deal; progress on new $500m+ contracts

By: Henry Lazenby     15th May 2018 The world’s largest precious metals streaming firm Wheaton Precious Metals (WPM) has reached out to the Canadian Revenue Agency (CRA) to try and reach a settlement, but to no avail yet, president and CEO Randy Smallwood told Mining Weekly Online in an interview on Monday. The Vancouver-based... 

Greece's Mytilineos expects positive alumina performance

By: Reuters     3rd May 2018 Mytilineos sees positive prospects for its alumina business in Greece despite surging alumina prices, the Greek industrial group said on Thursday. Its vertically-integrated feed and lower production costs have shielded it and created "positive prospects" for its alumina business in the short... 

Moody’s downgrades Eldorado credit rating

By: Henry Lazenby     6th April 2018 Moody's Investors Service has downgraded Canadian miner Eldorado Gold’s corporate family credit to B2 from B1, citing high geopolitical risks, limited mine diversity, and execution risks related to its material development projects. "The downgrade of Eldorado's rating reflects the high execution... 

Eldorado rises as Greek arbitration panel rejects State's claims

By: Henry Lazenby     4th April 2018 The TSX-listed equity of Canadian gold and base metals producer Eldorado Gold lifted off recent 52-week lows on Wednesday, after the company announced a favourable ruling by an arbitration panel in its dispute with the Greek government over its Madem Lakkos metallurgical plant. Vancouver-based... 

Eldorado Gold updated Greek mine plan reduces 'footprint'

By: Reuters     30th March 2018 Canada's Eldorado Gold filed a new technical report for its contentious Skouries gold mine project, in Greece, on Thursday, which said it "significantly" reduces the development's environmental footprint. The miner, which also filed updated reports for projects in Turkey and Canada, took a tough... 

Eldorado falls to new 52-week low as Q4 results, technical studies fail to impress

By: Henry Lazenby     23rd March 2018 Canadian gold producer Eldorado Gold has slipped to a fresh 52-week low on both the TSX and NYSE on Thursday after it reported disappointing fourth-quarter financial results and a 10% fall in overall gold reserves. Vancouver-based Eldorado reported a net loss of $20.7-million, or $0.03 a share,... 

Eldorado shakes up top management team

By: Henry Lazenby     13th March 2018 Canadian miner Eldorado Gold has announced several senior management changes following the resignation of its CFO Fabiana Chubbs. Chubbs, who has been CFO since 2011, will leave the company at the end of April. Eldorado said it has started a search for her successor. 

Greece's Mytilineos offers to upgrade Public Power coal plant – source

By: Reuters     12th February 2018 Greek industrial group Mytilineos has offered to pay for the revamp of a major coal-fired plant owned by State-controlled Public Power Corp (PPC) to keep it operational after 2019, a source at Mytilineos said on Friday. Mytilineos submitted a proposal to PPC suggesting that it, possibly with... 

Eldorado agrees to extend Greek arbitration period

By: Henry Lazenby     20th December 2017 Canadian miner Eldorado Gold has agreed to extend the 90-day arbitration period by 60 days to April 6, 2018. The Greek arbitration panel hearing a complaint by the country’s Finance, and Environment and Energy Ministries against the company's subsidiary Hellas Gold requested the extension. 

Agromining may provide new opportunities to extract remaining value from mined land

By: Mia Breytenbach     24th November 2017 With a significant portion of large mineral deposits having been discovered worldwide, and, in many cases, reaching the end of viable economic recovery, phytomining is one option that could be chosen to extract the remaining value from this mined ground, Florida International University... 

Eldorado suspends Skouries development as Greek row intensifies

By: Henry Lazenby     10th November 2017 Canadian miner Eldorado Gold has moved to suspend development of its Skouries project, in Northern Greece, and has launched legal action against the Greek government for not issuing the required permits. The Vancouver-headquartered company said in a statement Thursday that, despite dialogue... 

Moody's lowers Eldorado's rating outlook to 'negative'

By: Henry Lazenby     2nd November 2017 Moody's Investors Service has revised the rating outlook for Vancouver-based gold producer and project developer Eldorado Gold to negative from stable. The international advisory service has also affirmed Eldorado's B1 Corporate Family Rating, B1-PD Probability of Default Rating, and B1 senior... 

Apartheid Museum to honour Advocate Bizos

By: Sane Dhlamini     24th October 2017 The Apartheid Museum in Johannesburg will on Thursday commemorate stalwart anti-apartheid icon Advocate George Bizos by launching a new gallery in his honour a few weeks before his 90th birthday, and by launching his memoir, detailing his friendship with Nelson Mandela and titled 65 Years of... 

Bass bets Greek elections called within year, spurring rally 

By: Bloomberg     9th October 2017 Hedge fund manager Kyle Bass is betting that Greece will experience a dramatic political turnaround, with elections called within a year, that will spur a rally across the nation’s assets. Bass, founder of Dallas-based Hayman Capital Management, owns Greek bank stocks, which he said are trading... 

Eldorado calls off threat to shutter Greek development projects as relations thaw

By: Henry Lazenby     21st September 2017 Canadian gold producer Eldorado Gold reports that icy relations with the leftist Greek government is on the mend, and it has temporarily postponed its threats to mothball development of the Kasandra Mines assets in Halkidiki, Northern Greece. The Vancouver-based company said on Thursday that it... 

Greece issues more Olympias permits to Eldorado

By: Henry Lazenby     15th September 2017 Eldorado Gold’s increased pressure on the Greek government seems to be paying off, with the government issuing two more permits for the Canadian miner's Olympias project. Vancouver-based Eldorado confirmed on Friday that it had received the approval of the technical study for the old Olympias... 

Eldorado receives Greek arbitration notice

By: Henry Lazenby     14th September 2017 Vancouver-headquartered Eldorado Gold said on Thursday its Greek subsidiary Hellas Gold has finally received a formal notice from the country’s Ministry of Finance and the Ministry of Environment and Energy initiating domestic arbitration. The mediation will take place under the provisions... 

Greece issues Olympias operating, tailings installation permits to Eldorado

By: Henry Lazenby     13th September 2017 Canadian gold producer Eldorado Gold confirmed on Wednesday that it has received the Olympias operating permit and the modified electromechanical installation permit for the tailings management facility at Kokkinolakkas, from the Greek Ministry of Energy and Environment. The permits were issued... 

Eldorado's suspension threatens Greece's investment image

By: Bloomberg     12th September 2017 Eldorado Gold has put Greece on the spot. The Canadian mining company’s decision on Monday to suspend all its operations in Greece, citing delays in acquiring routine permits, puts the Syriza government of Prime Minister Alexis Tsipras in a difficult position.  

Eldorado Gold suspension to affect over 2 000 workers in Greece

By: Mariaan Webb     11th September 2017 Canada’s Eldorado Gold on Monday announced that it would suspend investment at its operations in Greece, citing delays in obtaining routine permits and licences for the construction of the Skouries and Olympias projects. The company said that no additional investment would be made into the... 

Kafireas wind power complex project, Greece

By: Sheila Barradas     1st September 2017 The project entails the construction of a wind power complex with an installed capacity of 154 MW. 

South Africa had a ‘slow slide’ into junk status – S&P’s

By: Natasha Odendaal     4th August 2017 South Africa’s slump from “rising star” to “fallen angel” was not an abrupt overnight downfall, but rather a slow slide following the country’s failure to fully recover from the devastating 2008/9 global crisis. Despite the turmoil, the country had held on to its investment grade ratings for over... 

Eldorado profit narrows on lower sales

By: Henry Lazenby     28th July 2017 Canadian gold producer Eldorado Gold has reported lower adjusted earnings for the second quarter as lower gold sales from continuing operations weighed on the TSX- and NYSE-listed miner’s financial performance. Excluding single items, net earnings for the three months ended June 30 were... 

Trump woe seen double-edged sword for gold if inflation ebbs

By: Bloomberg     22nd May 2017 For gold, the biggest crisis of Donald Trump’s Presidency could cut both ways. While prices may continue to rise as investors seek a “safety trade", they could also drop if the turmoil ends up damping inflation risks as growth expectations are disappointed, according to Michael Cuggino,... 

Eldorado buys project developer Integra for C$590m

By: Henry Lazenby     15th May 2017 Canadian multinational miner Eldorado Gold has agreed to buy fellow Canadian project developer Integra Gold in a cash-and-scrip deal worth about C$590-million, the companies announced late on Sunday. Vancouver-headquartered Eldorado, which has operations and development projects in Turkey,... 

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