Eldorado Gold to start exploration in Romanian deposits in Q4

Newsroom 06/09/2013 | 10:56

Eldorado Gold, a Canada-based miner, said it would start exploration activities in three gold deposits in Hunedoara County by year end.

The company has concluded explorations at the Certej deposit and the results will be used to update the deposit geology and resource models.

“Exploration activities have now shifted to target delineation on the newly acquired Brad, Deva and Muncel exploration licenses, with preliminary drilling anticipated in early Q4,” said the company in a statement.

Eldorado got hold of the three deposits after paying EUR 2.4 billion for European Goldfields – the license holder. Following this deal, the company acquired 80 percent of the shares in Deva Gold, the miner planning to develop the Certej deposit. The remaining stake in controlled by Minvest Deva, the state-owned miner.

Deva Gold received last year the environmental permit to start gold mining in Certej, but authorities withdrew it following government intervention. Rovana Plumb, the environment minister, claimed the government had to be informed about the project as it was of “national and international interest”, according to Mediafax newswire.

The Regional Environment Agency in Timisoara said it fulfilled all the necessary steps in permitting the Certej project. The agency later went in Court to cancel the permit.

The government said this summer it considered approving gold mining in Certej as part of its program to create jobs and attract foreign investments.

Eldorado Gold reported Q2 profits of EUR 43.3 million and increased its gold output by 31 percent to 5 tons. The company had an operational cost of USD 478 per ounce. The company has projects in China, Turkey, Greece, Brasil and Romania,

Ovidiu Posirca    

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