Shares of Eldorado Gold Surge on Imminent Project Permits

Shares of Eldorado Gold Surge on Imminent Project Permits

Shares of Canadian gold miner Eldorado Gold (NYSE: EGO) are up 20% as of 11:30 a.m. EDT today. The stock surge comes on the heels of the Greek government announcing it will grant permits for Eldorado's projects in the country.

The Greek government and Eldorado have been at loggerheads over the past couple of years regarding Eldorado's mines in the country. Concerns over the environmental impact of the company's operations have resulted in the government dragging its feet with some permits and other approvals for the expansion of its existing Olympias mine and the Skouries development project. These two assets are critical to Eldorado's growth. Seventy-eight percent of Eldorado's capital spending is dedicated to these two mines and they represent some of the company's lowest-cost operations. 

Image source: Getty Images.

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Source: Fool.com