Exporting Canadian mining expertise to grow a gold mining industry in Greece

A nation’s mineral wealth can be a distinct competitive advantage if leveraged responsibly. In Canada, mining contributes considerably to the Country’s economic strength. Mining could do the same for Greece.

Canadian mining: an engine for global economic growth

Rich in mineral resources, Canada has a thriving mining sector and leading global expertise in all parts of the industry, from exploration and production to mining finance, supply chain and governance. Canadian miners are leaders in environmental excellence, responsible mine management and safety. At home and abroad, Canadian mining is helping to power economic growth.

In 2015, the Canadian mining industry:

  • Contributed C$56 billion to Canada’s Gross Domestic Product (GDP)
  • Accounted for 19% of Canada’s total export value
  • Accounted for 6% or C$63 billion of total Canadian Direct Investment Abroad, making it one of Canada’s largest outward investing sectors[1]

Prudent policy decisions, a clear regulatory process, robust trade partners, competitive tax regulation, and investment in infrastructure and innovation have helped to facilitate Canada’s emergence as a global mining leader.

Greece’s mineral potential and opportunity for development

Greece, like Canada, is also geologically rich. So rich in fact, that Greece is considered one of the most well endowed mineral countries in the European Union (EU).  The total value of Greece’s indicated mineral reserves exceeded €72 billion in 2012.[2]

With vast untapped resources, Greece has a real opportunity to work with leading mining companies to develop its mineral industry.  Here at Eldorado Gold, we are leveraging our global expertise in safely building and operating mines to advance three mines in northern Greece. Once they are all in operation, the Olympias, Skouries and Perama Hill mines will make Greece one of the largest gold producing nations in the EU.  The mines will also produce significant amounts of copper, silver, lead and zinc, providing some of the raw materials needed for Europe’s sustainable development.

Development of the Olympias underground gold-silver-lead-zinc mine in northern Greece

Development of the Olympias underground gold-silver-lead-zinc mine in northern Greece

Building mining as an economic driver in Greece

Greece has the building blocks in place to become an eminent mining jurisdiction. It has a highly educated population, well-developed infrastructure, significant mineral wealth, and strict EU environmental, health, and safety regulations. Mining could help drive an economic recovery in the Country, creating both primary and secondary jobs, and generating tax and export revenues. To continue to attract foreign investors with leading expertise in responsibly building and operating mines, Greece could look to the framework Canada has developed that has made it a leading jurisdiction for mining investment.  Prudent policy, regulatory certainty and competitive tax regulation will all help to drive further foreign investment in Greece.

[1] Source: Mining Association of Canada (2016).  Facts & Figures 2016.  Available: http://mining.ca/sites/default/files/documents/Facts-and-Figures-2016.pdf

[2] Source: Vasilios Melfos and Panagiotis Ch. Voudouris. (2012).  Geological, Mineralogical and Geochemical Aspects for Critical and Rare Metals in Greece.  Available: http://www.mdpi.com/2075-163X/2/4/300/pdf

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