The Greek government has issued TVX Gold (TVX-T) a permit allowing for the continuation of mining activities at the Mavres Petres mine, part of the company’s Stratoni zinc-lead-silver operation in northern Greece.
Mining at the site was the subject of a recent study by a committee of six independent professors from the National Technical University of Athens (NTUA). The group looked at TVX’s proposed mining method at Stratoni and concluded that the method was both safe and appropriate considering the nature of the Mavres Petres orebody. The plan includes drilling underneath the village of Stratoniki.
The go ahead from the government came after a week’s delay to allow for an information meeting with local leaders, representatives of the employees, and local citizens.
The permit comes with a set of conditions, including the installation of monitors to measure noise and vibration levels, limits on the amount of explosives used and on the speed of vibrations.
TVX Hellas, the TVX division that runs the Stratoni operation, had said the permit was essential for the operation to remain viable.
TVX’s president and CEO Sean Harvey said in a prepared statement, “The newly issued mining permit will enable production and employment to continue while allowing TVX the opportunity to form a longer-term view for realizing value from all of its Greek assets.”
TVX has struggled with local officials over permitting issues since 1995, when it acquired the Hellenic gold complex, which includes the Madem Lakkos and Mavres Petres zinc-lead-silver mines and the nearby Stratoni mill. The company’s troubles aren’t likely to go away any time soon, as protesters vow to lodge an appeal next week requesting a temporary suspension of mining and a cancellation of the permit.
TVX plans a modest drilling program for 2002 aimed at establishing five years of reserves and ten years resources. An updated reserve estimate incorporating 2001 drilling will be released shortly.
During the first nine months of 2001, the latest figures available, Stratoni produced 1.5 million oz. silver, plus 19,600 tonnes lead and 21,300 tonnes zinc. Of that, 505,000 oz. silver, 6,400 tonnes lead and 7,200 tonnes zinc were produced from 92,000 tonnes of ore in the third quarter. Stratoni milled 262,200 tonnes of ore, or 84% more than in the corresponding period of 2000. The improvement reflects the implementation of a 6-day mining schedule, continuous milling and the adoption of mechanized mining methods.
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