Greece’s Gold Mining Industry Provides Five Economic Advantages
Since the beginning of Greek civilisation, mining has played an important role in the country’s economic development. For more than a millennium, the Greeks have made use of their abundant natural wealth to construct cities, create trade routes, and extend their empires.
During the 5th century BC, Athens became a cultural, commercial, and military centre thanks to high silver mines of Laurion, located just south of Athens in Attica. Gold mines in central Macedonia or Thrace in the north provided Alexander the Great with the resources he needed to expand his empire eastward and eventually span three continents.
With the Olympias & Skouries mines in Halkidiki being developed by Eldorado Gold, Greece might become a major gold supplier in Europe.
As A Result Of Eldorado’s Investment In Halkidiki, Greece Is Already Reaping These Five Benefits.
1. The Position Of One Or More Workers
Eldorado has produced and over 2,000 new jobs in last five years in a country when unemployment stands at 23 percent. We are pleased that 87 percent of our Greek personnel come from the local area.
We already have 2,400 employees, and we expect to add another 3,000 indirect or direct jobs when Olympias and Skouries are fully operational. Read also Gold IRA.
2. Taxes And Salary
Generations of Greeks could benefit from our work, which has the potential to provide jobs that will allow them to support their families. Employee pay and benefits have cost us around US$100 million over the past three years. ‘ During the course of our business, we estimate that we will spend more than $1.5 billion on salaries and benefits for our employees.
The Greek government will get more than $1 billion in tax revenue during the same time period.
3. Investing In The Community
As of right now, Eldorado gives roughly €3 million a year to local projects aimed at improving local infrastructure, healthcare access, and civic services. Eldorado’s funding has enabled the construction of new water supply systems, paved roads, updated biological water treatment facilities, and revitalised local spaces in the area. The Paleohori Healthcare Center in Halkidiki receives support from Eldorado as well Contributions have assisted with the modernization of facilities and equipment, as well as other day-to-day operational costs.
During the course of the 25-year mine lives, Olympias and Skouries might provide around US$80 million to local community & infrastructure development.
4. Foreign Direct Investment (Fdi) Profits
FDI in Greece was 57% lower in 2015 than in 2014, making Eldorado’s projects an important source of money for the country. Greek foreign direct investment (FDI) accounted for about 20% of the country’s total investment in 2015. (According to the OECD, foreign direct investment (FDI) in Greece reached US$1.1 billion in 2015).
Eldorado wants to invest more than $1 billion in Olympias and Skouries over the next 25 years, making it one of Greece’s largest foreign investors.
5. Profits From Exports
As a result of the metal mining in Olympias and Skouries, Greece’s exports will be boosted. In full production, Greece would be able to generate annual export profits of around US$450 million (depending on metal prices). Greece’s current trade imbalance will be reduced in part by mineral exports.
