Executive Chairman and President of European Goldfields estimates that the construction of the gold mining plant in Chalkidiki will start within 2011.
The company that controls 95% of Hellas Gold said that the Q4 2010 results of the goldmine at Stratoni recorded a three-year high.
European Goldfields recorded earnings before interest, taxes, depreciation and amortization (EBITDA) of $ 13mn and gross profit $ 5.5mn.
The sharp increase of gold price along with the seven million ounces of gold discovered in Northeastern Chalkidiki are the key factors for the EUR 800mn investing program’s success.
However, the implementing of business plan is subject to the final approval by the Special Secretariat for the Environment and Energy Inspectorate, while the process proceeds at a very slow pace, and the Environment Ministry has not get into any detail.
source: CAPITAL
