- Write by:
-
Saturday, January 25, 2020 - 10:41:15 AM
-
1134 Visit
-
Print
Mining News Pro - Greece plans to liquidate Larco, one of Europe`s biggest nickel producers which is struggling under heavy debt, and then look for an investor for some of the company`s assets, its energy minister said on Friday.
According to Mining News Pro - The European Commission said in November it was taking Greece to the European Court of Justice (ECJ) over its failure to recover 135.8-million euros of illegal state aid to Larco.
The ECJ ruled in 2017 that Greece needed to recover the money, based on a Commission decision in 2014 related to capital injections and state guarantees.
Greece will start a liquidation process for Larco in the coming days before putting up for sale a smelting plant and some of its mines in two separate chunks, Energy Minister Kostis Hatzidakis said in an interview with a Greek radio station.
"Larco is the most troubled company in Greece right know and the situation has been dragging on for 35 years," Hatzidakis said. "We are determined to go ahead [with its overhaul]."
Larco owes 340-million euros in unpaid bills to Greek power utility Public Power Corp (PPC), has no environmental licensing and needs to pay 50-million euros in fines for environmental violations, he said.
Industry sources said private equity fund Global Special Opportunities might be interested in Larco.
Short Link:
https://www.miningnews.ir/En/News/477653
Eramet subsidiary SLN’s nickel mining operations in northern New Caledonia have been suspended, adding to difficulties ...
Brazilian miner Vale on Wednesday said lower prices for iron ore, nickel and copper in the first quarter dragged down ...
BHP Group Ltd. proposed a takeover of Anglo American Plc that values the smaller miner at £31.1 billion ($38.8 billion), ...
Interros, Nornickel’s largest shareholder, on Monday called allegations by fellow shareholder Rusal about undervalued ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
French mining group Eramet said on Wednesday it had reached an agreement with the French government to continue its ...
Copper jumped to its highest intraday price since January 2023 as the bellwether industrial metal faces rising tighter ...
A US and European Union push to reach an accord on fostering critical mineral supply chains is set to miss another ...
Indonesia’s mining minister on Wednesday said divestment of Vale Canada Ltd and Sumitomo Metal Mining Co. Ltd’s shares ...
No comments have been posted yet ...