Canada-based mining and exploration firm Eldorado Gold is facing a new wave of protests against its Hellas gold project in the northern region of Halkidiki, Greece.

The company, which operates four gold projects in the country, has been facing protests since 2011 with radical leftist party Syriza backing the protestors.

Although the environmentalists claim that such projects would cause significant damage to the environment, the government is planning to go ahead as it would help in turning over the ailing national economy.

According to local authorities, the Hellas gold project is estimated to generate nearly 1,500 jobs by 2015.

Objecting to the government’s approval, World Wide Fund for Nature Athens policy coordinator Theodota Nantsou was quoted by CNBC as saying that the laws are being altered to remove blockages for investments.

"But over the long run, all these things will have a heavy cost," warned Nantsou.

Eldorado has meanwhile recommenced operations at other mining projects.