CREATING PROSPERITY IN CREECE
The Skouries and Olympias deposits we are developing in Greece have the potential to make the country a leading gold producer in Europe. With combined mine lives in excess of 50 years, these projects will benefit Greece over the long term.
In the past two years, we have quadrupled our labour force in the Halkidiki area and currently employ more than 2,000 people in Greece. We estimate about 5,000 direct and indirect jobs will be created once the mines are in full production. These projects have the potential to sustain generations of Greeks in family-supporting jobs across a range of industries.
We estimate that our projects will generate more than $1 billion in direct taxes for the Greek state over the next 20 years. When in full production, Eldorado’s projects could help to reduce Greece’s current trade deficit – contributing export revenues of up to $550 million per year, depending on metal prices.
Already, we have generated more than $110 million in export revenues through the sales of various mineral concentrates. Our business accounts for approximately 30% of shipping container traffic through the Port of Thessaloniki – Greece’s second-largest port.
We have provided approximately $4 million to the Municipality of Aristotle, where our Skouries and Olympias projects are located, to fund improvements to street paving, lighting, sewage and other municipal infrastructure. As our projects advance, we will focus on community initiatives that develop sustainable social capital such as infrastructure development, educational initiatives and healthcare.
IN ACTION: BUILDING RELATIONSHIPS IN GREECE
We believe that an important characteristic of being a good neighbour is welcoming visitors to our sites. In 2014, we started a series of tours of our Greek operations. This began as an initiative to familiarize local residents with our premises and our environmental commitments. Initially, most of the visitors were retired miners, who wanted to see how the mining industry has advanced, and local women who had never been to the mines. As word spread, the program grew, and by the end of 2014 around 4,000 people from all over Greece had toured our sites. Visitors got to observe our mining operations first-hand and talk with Company managers about issues of interest to them.