Connect with us
A Canadian companies plan to to mine for gold in the lush forests of northern Greece is testing the government's resolve to prove Europe's most ravaged economy is open for business.

archive

Gold Mine Stirs Hope and Anger in Greece

A Canadian companies plan to to mine for gold in the lush forests of northern Greece is testing the government’s resolve to prove Europe’s most ravaged economy is open for business.

Gold Mine Stirs Hope and Anger in Greece (Reuters)

A Canadian companies plan to to mine for gold in the lush forests of northern Greece is testing the government’s resolve to prove Europe’s most ravaged economy is open for business. The Skouries mine on Halkidiki peninsula — a landscape of pristine beaches and rolling hills dotted with olive groves — is among the biggest investments in Greece since it sank into a debt crisis four years ago. But it now pits Greece’s desperate need to rebuild its economy against the interests of its vital tourism industry, and aroused anger on the peninsula — site of the famed Mount Athos monasteries — due to the environmental cost. Vancouver-based Eldorado Gold Corp (NYSE:EGO; TSE:ELD) took over the project in 2012 when it promised to invest $1 billion in the next five years as part of a plan to mine up to 30 percent of its global gold production in Greece. Yet preliminary work on the mine, which is supposed to open in 2016, has set off months of politicking and protests — ensnaring what was supposed to be the flagship project of the government’s foreign investment drive.

Newsletter Signup.

Sign up to the Human Events newsletter

Written By

Paul Dykewicz is the editorial director of the Financial Publications Group at Eagle Publishing Inc., www.eaglepub.com, of Washington, D.C. Eagle publishes five free, e-letters, 10 weekly trading services and five monthly investment newsletters, Forecasts & Strategies, Successful Investing, Cash Machine, Growth & Dividend Report and The Alpha Investor Letter. He also is the editor of Eagle Daily Investor and the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain."

Advertisement
Advertisement

TRENDING NOW:

YouTube Won’t Let You Watch Lauren Southern’s ‘Borderless’

FOREIGN AFFAIRS

DONKTUM: Restricting the Range of Consciousness.

CULTURE

Lauren Southern’s Borderless Deleted By YouTube. ENOUGH.

U.S. POLITICS

Farage: ‘No No to BoJo’.

FOREIGN AFFAIRS

Connect
Newsletter Signup.

Sign up to the Human Events newsletter