AT A GLANCE
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REPORT
3 | Local Growth & Employment The mining industry can be a substantial source of value, as it generates employment and investment. This is particularly important for local economies, as sites have an almost permanent local presence, which exceeds by far the single generation cycle lifespan. Therefore, we have a proportionately higher responsibility towards local environment, local communities and local citizens.
Did you Know?
Kassandra Mines full impact When Kassandra Mines are fully developed, they will lead to: • Additional $1.9 billion investment, making the Eldorado Gold investment currently one of the two largest investments in Greece • €2 billion state revenues (from royalties, income tax and social contribution)
Your View
• Over €191 million revenues from mining fees
Unemployment Concerns
• €11.3 billion exports
According to a quantitative survey conducted in August 2019 to 500 members in the Municipality of Aristotle, 49% and 36% consider unemployment and bumpy roads respectively the biggest problems they face.
• €3.5 billion payments for goods and services to Greek suppliers • Creation of 5,000 direct and indirect job positions (1,400 more job positions compared to nowadays and 900 additional job positions during construction activities) with stable and well-paid employment for over 25 years
Accelerating national economy
• €70 million for societal support activities in local communities.
Did you Know?
Indirect Economic Impact of Mining According to the International Council on Metals and Mining’s (ICMM) ‘The Role of Mining in National Economies' (www.icmm.com/romine/index): • Every direct employee in the mining industry creates 3-5 additional indirect job positions within a country • Every $1 of a mining project’s economic activity generates at least $3 additional economic activity within a country. Our operations also create indirect economic impacts, as:
Our business operations ensure we return significant economic value back to our Stakeholders, mostly through purchases (towards our suppliers), salaries, benefits and insurance payments (towards our employees), taxes (towards the State) and investments. We consider tax payments not only our legal obligation, but also a way to sustain relationships of trust and further contribute to the country’s economic growth.
Economic Value Distributed
• Real estate prices in Halkidiki were more resilient during the Greek financial crisis compared to the surrounding region
€47 million to Capital Providers
• Municipality of Aristotle’s residents have the highest average annual income compared to other municipalities in Halkidiki • The infrastructure we build as part of our activities (e.g. power lines, water wells, roads) also serves local needs.
€53 million to Employees1
€160 million exports
€278 million Distributed Economic Value
€19 million to Government
1 2 3
€157 million for Operating Costs2
€1.1 million to Society3
he amount refers to gross salaries, benefits and insurance payments T The amount does not include employee wages and benefits The amount refers to value of implemented societal support programs
Sustainability Report 2019-2020
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