Significant contribution to the Municipality of Aristotle with increased mining fees by Hellas Gold
27.03.24
The Municipality of Aristotle received 95.6% of the total mining fees allocated to municipalities in the country for 2022.
Hellas Gold continues to be a pillar of development for the Municipality of Aristotle, directly and indirectly supporting the local community of NE Halkidiki. As part of the company’s obligations, it annually pays mining fees to the Greek state for its activities, which are then partially allocated to the local municipality where the mining activity takes place.
From 2020 to 2022, the Municipality of Aristotle has significantly benefited from Hellas Gold's activities. Following a decision by the Ministry of Environment and Energy (YPEN) to double the percentage of fees allocated to the municipality from 20% to 40% (the maximum allowable limit), the municipality has received increased mining fees. For 2022, these fees amounted to €3.5 million. According to YPEN's annual report on Mining and Quarrying Activities in Greece for 2022, this amount represents 95.6% of the total revenues from mining fees allocated to municipalities across Greece.
These are substantial resources that the Municipality of Aristotle can utilize to enhance its essential infrastructure and support developmental projects that will improve the daily life and quality of life for its residents.
It is noteworthy that beyond paying the increased mining fees to the state, Hellas Gold also plans and implements an extensive Corporate Social Responsibility (CSR) program, actively supporting the local community with investments that have exceeded €26 million over the past decade.
In 2022 alone, the company made social investments totaling €1.45 million to implement 137 CSR projects and initiatives. In 2023, it implemented 146 projects and initiatives with a total cost of €1.73 million. Furthermore, through its Investment Agreement with the Greek state, Hellas Gold has committed to allocating $80 million over 20 years for significant social welfare and local development projects.
About Hellas Gold
Hellas Gold is a mining company for gold, silver, lead, and zinc, headquartered in Athens. Since 2004, it has been responsibly and safely developing and operating the Kassandra Mines in NE Halkidiki under the strictest environmental terms. The Kassandra Mines consist of three mining projects: the Stratoni-Mavres Petres Mine, the Olympias Mine, and the Skouries Project. Continuing a 25-century mining history, Hellas Gold invests in the sustainable development of the Kassandra Mines, boosting economic growth and contributing to the prosperity of the local community with investments exceeding $1 billion, employing 1,900 workers, actively supporting local suppliers, and making significant investments in local community support initiatives and projects. Since 2012, it operates as a subsidiary of Eldorado Gold Corporation, a Canadian mining company with long-term experience in the exploration, development, and operation of mines worldwide.
For more information:
Erika Xirouchaki, Director of Communications & Corporate Affairs Greece, 214-687000, Erika.Xirouchaki@eldoradogold.com
