Eldorado Gold Corp (NYSE: EGO) is having an overwhelmingly strong day in the market, and for good reason. The company has been in a standoff with Greece for quite some time now, but it seems as though that’s going to come to an end. Of course, when the news hit investors, excitement ensued, leading to gains. Today, we’ll talk about:
- The news;
- what we’re seeing from EGO; and
- what we’ll be watching for ahead.
EGO May End A Long-Standing Dispute With Greece
As mentioned above, Eldorado Gold is having an incredibly strong day in the market today after news broke that a long-standing dispute between the Canadian company and Greece may be coming to an end. In a report that first appeared on Reuters, it was announced that the Greek regulators intend to resolve the standoff in the coming weeks, citing the energy ministry as a source.
For several years, EGO and Greek regulators have been at odds with regard to the company’s plans to produce gold and other metals in the northern Greek region of Halkidiki. Ultimately, the fight is over environmental regulations. On one side, the company is blaming Greece for long delays in issuing necessary permits. On the other side, Greece puts the blame on the company for submitting a deficient plan to build a metallurgical plant. Nonetheless, the argument seems to be coming to an end with statements such as:
The main aim is to reach an agreement in the coming weeks within the spirit of the arbitration ruling – Stathakis as quoted by the energy ministry.
What We’re Seeing From The Stock
With the news that the standoff with the Greek government may be coming to an end, investors are excited and the stock is making a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (12:06), EGO is trading at $1.06 per share after a gain of $0.10 per share (10.43%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on EGO. In particular, we’re interested in following the story surrounding the company’s arbitration with Greek regulators, and hoping that a solution is just weeks away. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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