LARCO is turning a page: the tenders for its sale have been completed, the Ministry of Finance and Ministry of Finance announced


The joint venture GEK TERNA – AD HOLDINGS emerged as the preferred investor in the two tenders that were held at the same time

LARCO is turning a page. The completion of the tenders for the sale of the LARCO factory and mines was announced today Thursday by the Ministries of Finance and Environment and Energy.

The joint venture GEK TERNA – AD HOLDINGS emerged as the preferred investor in the two tenders held simultaneously.

“The completion of the tender procedures regarding LARCO and the selection of a private investor are a decisive step in dealing with the chronic problems of the company”, the Minister of Finance points out in his statements Christos Staikouras. “By implementing the necessary investments and changing the model of production activity and operation by the private investor, it is sought to ensure the continuation and sustainable development of this important mining and metallurgical activity for our country,” he adds.

The Minister of Environment and Energy Kostas Skrekas he said on his part: “With the completion of the bidding process, we are giving a breath of life to one of the most important metallurgical activities in Greece. Thus, the exploitation of the country’s mineral wealth continues and our political choice is confirmed, which is to support local communities and the national economy. The production of nickel, a material that, in addition to its traditional use, is also used to manufacture energy storage systems such as batteries, indicates the country’s strategic objective, namely the creation of a domestic value-added chain for the production of products and equipment that in the coming decades they will be highly necessary for the penetration of Renewable Energy Sources in our energy mix and the replacement of fossil fuels by energy, which is produced by the sun and the wind”.

The tenders were held in parallel by TAIPED, on behalf of the Greek State, and the Special Management of LARCO, for the transfer, on the one hand, of the Larymna factory and mines, and on the other hand, of the Evia and Kastoria mines.

In order to complete the signing of the relevant contracts, the opinion on the lease contract of the State assets by the Legal Council of the State and the control of the contract by the Court of Auditors are then required, in order to follow the ratification of the signed contract by the Hellenic Parliament .

The two ministries point out that, according to a relevant decision of the European Court of Justice, the second half of the obligation to pay the Hellenic Republic to the European Commission a fine of Euro 4.4 million (per six months of delay), as well as a lump sum of Euro 5.5 million, regarding the non-compliance of the Hellenic Republic with regard to the implementation of a relevant decision of the European Commission from 2014 regarding the recovery of illegal state aid to the company.


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