CANADIAN MINING COMPANY WILL NEED TO FIND EURO 15 MILLION TO REPAY ILLEGAL SUBSIDIES
February 1st, 2011
BY KEITH NUTHALL
A CANADIAN-owned Greek mining company will have to pay EUR15.3 million, plus interest, to the Greek government, after the European Commission decided it had been originally privatised on the cheap. Brussels has ruled that Ellinikos Xrysos paid too little when it bought gold, copper, zinc, lead and silver mines in the Cassandra area, Chalkidiki region, northern Greece. As a result, the purchase was a disguised subsidy, falling foul of the European Union's (EU) state aid rules which prevent national governments giving their companies an unfair ...
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