(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) is investing €56 million in Eldorado Gold Corporation to support the development of the Skouries copper and gold mine in Greece. The investment aims to foster a sustainable and inclusive mining sector in Greece. The EBRD will also promote responsible mining practices and support human capital development within Eldorado’s operations in Greece. The Skouries mine will utilize dry stack tailings technology, ensuring safer storage of leftover materials and reducing water consumption. The investment reflects the EBRD’s commitment to supporting Greece’s economic recovery and marks its ongoing efforts to invest in various sectors of the Greek economy.
(PRESS RELEASE) LONDON, 31-May-2023 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD), a multilateral developmental investment bank, is taking strides towards fostering a sustainable and inclusive mining sector in Greece through an equity investment of €56 million in Eldorado Gold Corporation.
This strategic investment will provide crucial support for the development of the Skouries copper and gold mine in Greece, operated by Eldorado’s wholly owned subsidiary, Hellas Gold SA. Eldorado, a Canada-based mining company with operations and assets in Türkiye, Canada, and Greece, views Skouries as a key driver of its growth, with an estimated mine life of over 20 years.
Leveraging its extensive expertise in promoting higher environmental standards within the mining sector, the EBRD will also facilitate responsible mining practices in Eldorado’s operations in Greece. The project will focus on human capital development within the Greek mining sector, aiming to establish national occupational standards for digital skills and scaling up market-relevant, work-based training programs for young individuals and long-tenured workers.
Eldorado is committed to increasing the representation of women in its workforce and enhancing women’s access to skills and employment opportunities in the mining industry.
Furthermore, the Skouries mine will employ the use of dry stack tailings, a technology already implemented by Eldorado in Türkiye and Greece. This method offers one of the most sustainable ways to safely store tailings, minimizing the risk of dam failure, reducing water consumption, and maximizing the recovery of process water for reuse.
Copper plays a crucial role in various applications in today’s economy, including battery-powered vehicles, electronics, renewable energy generation, transmission and storage, and the telecommunications industry. With the global shift towards electric vehicles and renewable energy applications, the copper market is experiencing significant changes, as both sectors require substantial amounts of copper.
The EBRD commenced operations in Greece in 2015 to support its economic recovery. To date, the bank has invested over €6.6 billion in more than 102 projects across Greece’s corporate, financial, energy, and infrastructure sectors.
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