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Eldorado Gold seeks $877 million compensation from Greece for permit delays

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(Reuters) – Eldorado Gold <ELD.TO> said on Tuesday it would seek a compensation of 750 million euros (667.08 million pounds) from Greece for damages suffered by the Canadian miner due to delays in the issuance of permits for its Skouries project.

The differences between Eldorado and the government over the miner’s plans to produce gold and other metals in the northern Greek region of Halkidiki have dragged on for years, mainly over environmental regulations.

“We hope that this matter can be resolved in an amicable manner without needing to go down the route of arbitration,” said Chief Executive George Burns in a statement.

Eldorado has blamed Greece for long delays in issuing necessary permits, while Athens says the company has submitted a deficient plan to build a metallurgical plant that will process ores mined in Skouries and Olympias.

Eldorado froze investment and suspended operations at its Skouries project last November, citing years of permit delays.

(Reporting by John Benny in Bengaluru; Editing by Arun Koyyur)

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