Fortuna Silver subsidiary cleared of water contamination accusations in Mexico

Canadian miner Eldorado Gold Corp's threat this week to freeze investments in Greece after years of frustrating and costly permit delays highlighted the risks the industry faces when it strays away from mining-friendly countries.

The decision to offload the asset is part of a restructuring process that includes laying off about 8,500 workers, roughly 30% of the company’s workforce.

While the company can now proceed with development of Olympias, is still awaiting permits for its Skouries project, the main bone of contention with Greek authorities.

And on futures markets hedge fund bulls now outnumber bears by a ratio of 20 to 1 – the highest since 2012.

The current resource base is 1.6 million ounces of gold in the indicated category and 178,000 ounces inferred.

Greek government alleges a technical study for the company’s Madem Lakkos metallurgical plant is deficient and thereby violates environmental terms.

Mines minister Mosebenzi Zwane had pledged in writing to a court that he would not publicly say changes to an industry charter were "law" until a judicial challenge has been completed.

The miners from the Eldorado Gold mine in the Halkidiki region were protesting looming layoffs as the company said Monday it would suspend all operations in Greece.

The metal's move lower came as the dollar erased earlier losses to rise 0.4 percent versus a basket of currencies. A firmer dollar makes gold more expensive for holders of other currencies.