Eldorado Gold Corp. Regained Its Shine and Jumped as Much as 10% -- Here's Why

Eldorado Gold Corp. Regained Its Shine and Jumped as Much as 10% -- Here's Why

Shares of Eldorado Gold (NYSE: EGO), a junior mining company with assets in Europe and South America, rocketed higher by as much as 10% during Monday's trading session. The reason for the sustained move higher, which began late last week, appears to be derived from the update the company provided on its Greece-based mines last Thursday.

According to Thursday's press release, the Greek Ministry of Energy and Environment issued a press release stating that it intends to have arbitration underway before the end of August. (Arbitration is currently holding up the development of the highly touted Skouries mine in Greece.) Furthermore, the press release states that all permits for Olympias are underway, while Skouries' permits remain unissued.

Image source: Getty Images.

Continue reading

Source: Fool.com