Hellenic Republic Asset Development Fund (HRADF) on Wednesday announced the final award of the tender for the lease of the mining plant, the mines and the relevant mining rights owned by the Greek State, which are under the management of LARCO Mining and Metallurgical SA, to the joint venture of GEK Terna and AD Holdings AG.

The award for the tender follows the non-fulfilment of the conditions for the activation of the shootout process in the tender conducted by HRADF. The fund, a member company of GROWTHFUND-The National Fund of Greece acting on behalf of the Greek State for the lease of the assets owned by the Greek State which are managed by LARCO, proceeded to the final award of the tender to the joint venture of GEK Terna and AD Holdings AG on January 30, 2023.

The LARCO assets include: a) the Larymna mine, i.e. the mining rights in Larymna along with the smelting plant, plots of land, installations and equipment and b) the Loutsi mine, i.e. mining rights together with plots of land and installations.