- Write by:
-
Saturday, January 25, 2020 - 10:41:15 AM
-
1114 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
Battery metal prices are on the floor, and massive expansions by Chinese miners have been instrumental in driving them ...
Indonesian state-controlled miner Aneka Tambang (Antam) aims to launch the construction of two nickel processing ...
Ivanhoe Electric (NYSE American: IE) (TSX: IE) terest in the Samapleu-Grata nickel-copper project in Côte d’Ivoire after ...
Australia will provide up to A$840 million ($550 million) for the first combined rare earths mine and refinery in the ...
The Metals Company (Nasdaq: TMC) shares soared on Wednesday after Congresswoman Carol Miller (R-WV) and Congressman John ...
Nickel miner Wyloo, owned by Australian mining magnate Andrew Forrest, said that if the London Metal Exchange (LME) ...
Recent tests of an AI system showed that it can detect how poorly regulated road development for mining, logging and ...
Australian miner Jervois Global Ltd. is cutting costs and jobs in response to a plunge in cobalt prices that it’s ...
The London Metal Exchange (LME) does not plan to launch a separate “green” nickel contract because the market is not ...
No comments have been posted yet ...