Exploration Key to Growing Greek Industry Greece Is Opening Its Doors to Private Investment to Boost Domestic Industries
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Greek mineral prospects A fisherman near Sarakiniko beach in Milos, Greece. The surrounding volcaniclastic rocks could be developed for their industrial mineral applications Exploration key to growing Greek industry Greece is opening its doors to private investment to boost domestic industries. Ananias Tsirambides and Anestis Filippidis discuss the country’s key exploration targets for industrial minerals development reece avoided bankruptcy with the to make the terms of the European Financial surplus above 5.5% and a programme of public agreement of the 17 leaders of the Stability Fund (EFSF) more flexible. property use and privatisations of €50bn for the Eurozone on 21 July 2011 for the Privatisation, imposition of new taxes and period 2011-2015. Therefore, the fiscal repair and second aid package of €158bn. Of spending cuts in the period 2011-15, totalling recovery of the national economy is not infeasible. this, €49bn will be from the €28.4bn, to hold the deficit to 7.5% of gross Despite the short-term costs, the reforms that Gparticipation of individuals. Many crucial details as national product (GNP), are foreseen. have been implemented or planned will benefit regards the new loan have not been clarified yet, In particular, the following reforms are expected: Greece for many years to come, as they will raise but it is obvious that Europe has given Greece a streamlining wage costs, operating cost reductions, growth, living standards and equity. A basic second chance, under the suffocating pressures of closures/mergers of bodies, decreased subsidies, prerequisite of success is that the burden and the markets and fears that the debt crisis may reorganisation of Public Enterprises and Entities benefits of reform broadly may be fairly shared. spread to the core of the Eurozone. (PEE), reduction of defence spending, streamlining Clearly, the key to success will be in Debt reduction will be aided by granting rights of healthcare costs, reduction of costs and implementation, which will have to be impeccable. to exploit Greece’s mineral wealth to large business improvement of profits of the 32 Social Security Although the economy is still weak and the path to groups in the US, Germany and other ‘borrowing Organisations (SSO) and combating of evasion, recovery is lengthy, rising exports are a sign that the forces’, for many decades, in return to the enhancing tax compliance with new tax measures, reforms started to bear fruits. Under the most pre-collection of part of the expected revenues. tax cut reductions and increase of the revenues of optimistic scenario, in 2035 reduction of the debt Greece hosts a number of industrial minerals and the Local Authority Organisations (LAO). to 60% of GDP will be attained. Prerequisite is rocks with good prospects for exploitation, which Besides the above, measures to enhance growth Greece from 2015 and then to score a primary are discussed here. and investments can lead to high primary surpluses, surplus of 5-6%. The aid package will give the country the so the debt will fall below 100% of the GDP (from The International Financial Institute (IFI), which assistance needed to restore growth and 140% today). This may happen in 2025 with a reflects the positions of more than 400 banks, competitiveness. The European leaders also agreed growth rate higher than 3.5% after 2014, a primary expects in 2020 the Greek public debt to have 44 INDUSTRIAL MINERALS February 2012 Greek mineral prospects decreased in two-digit percentage of the GDP. The advantages of Greece are its geostrategic Graphitic diamonds of 2-300 μm in size Specifically, it provides that the debt of Greece will position, which allows access to markets of 170m enclosed in garnet, quartz, amphibole and be reduced to 98% of GDP by the end of 2020, consumers in the Balkans, the diptych sun-sea graphite of metamorphic rocks have been found taking into account the percentage and the impact which encourages investments in tourism, where in Central Macedonia (Livadi, Galarinos, from the involvement of banks in the country there is still much room for growth, and in Marathoussa). Also, metamorphic mineral- support plan. renewable energy sources (RES) and the indices of ultra-high pressure such as coesite, Essentially, these predictions confirm the exploitation of mineral raw materials which diamond and garnet were detected in eclogites analogous estimation of the International Monetary hitherto stay unexploited (eg. oil, gas, gold, and gneisses in central and eastern Rhodope Fund, which welcomed with great satisfaction the zeolites etc). The negatives of the country include Massif. The diamond appears in submicroscopic agreement on crisis management in the the bureaucratic obstacles to establishing and crystals of <20 μm in size within garnet Eurozone. operating new businesses, opacity, high taxation, porphyroblasts in the regions of Pilima Xanthi, The privatisation of troubled public enterprises, and constant changes in the institutional Kymi-Smigada Rhodope and Sidiro Evros. the reforms in the economy and the state framework. The changes in these areas are urgent. structure, and some political consent started. It is Diatomite believed that the increasing role of the private Diamond Diatomite deposits in Greece, depending on the sector will gradually put an end to the respective Areas of northern Greece, where there are environment of formation, are located in the public sinecure. Mismanagement and waste of metamorphic rocks of ultra-high pressure, are basins of Klidi Florina, Komnina Ptolemaida, taxpayers’ money will cease permanently. We associated with diamond potential, including the Yannota Elassona and Megalopoli (freshwater), in urgently need an investment plan, a plan for the mountainous blocks of the Prefectures of the basins of Eani Kozani and Mytilinioi Samos restoration of Greek economy, but also Thessaloniki and Kilkis, and a narrow zone that (saline-alkaline lake), in Aegina, Milos, Gavdos substantially improvement of the business extends intermittently along 100 km or more and in the basins of Kastelli and Heraklio environment in the coming years. from Kato Nevrokopi Drama until Evros. (shallow sea) and in Zakynthos (deep sea). The indicated reserves of diatomite are 100m tonnes and their value €2.5bn. Approximately Table 1: Types and origin of Greek marbles 50% of them are in the basins of Klidi Florina, Type/colour Region Komnina Ptolemaida, Eani Kozani and Yannota Limestones-marbles (with >98% calcite) Elassona with good prospects for exploitation. Kechrocampos and Vounochori Kavala, Koumaria and Kastania Imathia, Veneto White Garnet Magnisia, Penteli and Dionyssos Attica, Naxos-Paros-Ikaria Garnets have been found in areas of contact metamorphism in Xanthi (Kimmeria, Diasparto, Disvato-Elafochori-Stenopos-Filippi Kavala, Xiropotamos and Monastiraki Semi-white Drama, Tranovaltos Kozani, Almyropotamos Evia, Micho Lesvos Thermes), Drama (Polyneri, Panorama), in Vertiskos Thessaloniki, Chalkidiki, Mount Thassos, Chalkero Kavala, Panorama Drama, Zasteni and Argalasti Magnisia, Olympus, Lavrio, Serifos, etc. The granatites of Grey-white Kokkinaras Attica, Parnon Arkadia, Lardos Rhodes Kimmeria Xanthi and Serifos are suitable as blasting materials, showing good prospects for Beige Ioannina, Domvrena and Martino Viotia, Kivotos Grevena, Kalythia Rhodes exploitation. Pink Germa Kastoria, Arta, Klinovo Trikala Trials with the Serifos garnet made in the US showed that the material is suitable as abrasive for Grey-black Ippio Lesvos wooden surfaces, leather and ceramic products. Black Parnon Arkadia, Agia Rethymno Also, because of its quality characteristics it can be Dolomites (% mineral dolomite) used as filtration media. The indicated reserves of garnets are 1.3m tonnes and their value €40m. White Thassos (92%); Granitis (100%), Volakas (100%), Piges (92%) Drama Semi-white Elikonas Viotia (87%) Graphite Grey-white Nikissiani Kavala (87%) Graphite has been identified in marbles, gneisses and schists of the Rhodope Massif. In particular, Grey Moundros Rethymno (90%) the garnet schists of Polyneri Drama contain an Grey-black Damasta Heraklio (62%) average of 3% graphite, and the occurrences in Red Agios Vasilios Rethymno (80%) the Ypsili Rachi and Agios Panteleimonas are lower purity. Other carbonates and sedimentary units Microcrystalline (amorphous) graphite in the Breccia Karnezeika-Kantia-Lygourio Argolida, Agios Petros Arkadia, Eretria Evia, form of lenses has been identified in the units of limestones Skyros, Rodochori Naoussa Makri in carbonate formations. In the region of Diasparto and Thermes Xanthi the garnet- Aridea Pella, Skra Kilkis, Vamvakofyto Serres, Pitsa Corinthia, Kapandriti Attica, Travertines kyanite gneisses contain a graphite horizon with Vamos Chania graphite leaflet crystals at rates of 3-12% and reserves in excess of 600,000 tonnes. From this Poroliths Alfa Rethymno horizon a graphite concentrate was produced Sandstones Beige Messolongi, Gray Demati Metsovo, Gray Nestorio Kastoria with carbon content of 80-85%. But a graphite Gypsums Sitia Crete concentrate with >95% C is needed to allow the exploitation of these deposits. Serpentinites Fytia Imathia, Tinos The indicated reserves of graphite are 650,000 tonnes and their value €20m. February 2012 INDUSTRIAL MINERALS 45 Greek mineral prospects Halite Oligocene (Ionian Zone). In Parnonas phosphate The indicated reserves of talc are 1m tonnes and Exploitation of mineral salt in Greece took place in has the form of crystalline fluorapatite while in their value