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Qatar firm is buying partial stake in European Goldfields

Reuters, Saturday 1 Oct 2011
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Qatar Holdings signed a deal on Saturday to buy a stake in London-based European Goldfields from Greek building firm Ellaktor and will invest another $600 million in the mining company, a source with direct knowledge of the deal told Reuters.

"Qatar Holdings is buying a 10 percent stake from the 25 percent stake Ellaktor holds in European Goldfields and will invest 600 million dollars in European Goldfields," the source said.

Greece granted European Goldfields a long-awaited permit in July that allows it to mine for gold in the north of the country, a move set to turn the London-based firm into the European Union's largest primary gold producer.

Qatar's Emir Sheikh Hamad bin Khalifa al-Thani met Prime Minister George Papandreou in Athens on Saturday. Greece, which is in dire need of private investment as its worst recession in four decades is seen extending to next year, has long been trying to convince Qatar to invest in its private and public companies

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