As expected, TVX Hellas filed for bankruptcy before the Athens courts yesterday. The company’s intention to cease operations at the Stratoni mines had been announced to the Greek government and the company employees since last February. Since then Kinross, the holding company that controls TVX Hellas, had accepted several requests made by the Greek government to to prolong its presence at the mines until April 30, 2003, in order to allow the government the necessary time frame to complete efforts in ensuring a viable solution for the continuation of the mine’s operations after the departure of TVX Hellas. Throughout this period, Kinross has been in constant communication with the Greek Ministry of the Economy and Finance, the Ministry of Development, the labor unions of the mines and local government authorities, supporting the effort to ensure a viable solution; this effort has not been completed to date.
Having exhausted every feasible dealine to its presence in Greece, the bankruptcy court hearing was held yesterday, a formal legal procedure already known to the government. Even after the hearing, the rescue of th eoperation is still possible. Kinross remains committed to support the smooth transition of the mines’ operatin to a new structure, which is why the company adheres to its offer to support this effort through the provision of 10 million dollars.