Eldorado Gold to Sustain Greek Operations Amid Capital Curbs

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Eldorado Gold Corp. said it will be able to sustain operations in Greece and pay workers even as the European nation imposes capital controls.

The Canadian gold producer, whose Greek assets include the Stratoni mine and three projects in Northern Greece at the Olympias, Skouries and Perama Hill sites, said operations aren’t affected by the government’s measures.

“At the moment the capital controls imposed by the Greek government are not having any material impact on our ability to make or receive payments to and from third parties,” Eduardo Moura, Eldorado’s vice president and general manager for Greece, said in an e-mail.

While cash withdrawals are limited to 60 euros ($67) a day, electronic transactions within the country won’t be affected, according to a document provided by the Greek government. There are about 2,000 people working for Eldorado and its contractors in the country, according to a company statement on Monday.

Eldorado Gold Chief Executive Officer Paul Wright said the company will “continue to support its investment in Greece, responding as appropriate to the conditions as they evolve.”

The shares rose 1 percent to C$4.99 at the close in Toronto. The Vancouver-based producer has dropped 30 percent this year.

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