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Two thousand jobs are expected to open in northern Greece, after the Canadian company Eldorado Gold Corp begins to develop the gold mines on the Chalkidiki peninsula. The news was announced at a press conference at which it became clear that the gold mining company Eldorado Gold Corp has taken over European Goldfields. The value of the transaction is 2.4 billion dollars. The shareholders of European Goldfields will receive 0.85 shares of Eldorado for each share and 0.001 dollars. In this way, European Goldfields is evaluated at 13.08 Canadian dollars per share.

The two companies together produce 650,000 ounces of gold per year and after the development of the new investments, the new production will rise to 1.5 million ounces by 2015. The corporation will inject € 1.5 billion in the next few years to develop the deposits of precious metals and will revive the western industrial part of the country. The investment funds come directly from Eldorado Gold Corp and do not include any preferential loans or other loans.

Eldorado currently has a total of six gold mines in China, Greece, Romania and Brazil. The company's management believes that Greece is strategically important for the company's expansion in Europe, despite the economic crisis experienced. President and Chief Executive Officer of Eldorado Gold Corp Paul Wright said that mining and investment in the country suggest long-term commitment. He also stressed that they are heading to where there are opportunities for development and that they are making significant capital investments that require long-term development activities. Furthermore, he clarified that this is the company policy in all its endeavours in other countries, where it has undertaken to develop deposits. Wright stressed that his company is the first of the North American players in the sector, which entered the Turkish market and developed a mine 20 years ago.

In the future, we see opportunities for stability and development, said Wright, referring to the experience in Brazil and China. "We will find the road to success and believe that Greece will deal with these problems. Even in some small way, we can be part of this recovery. In our opinion, northern Greece offers many prospects." He announced that in early 2012, the government will announce new tenders for the development of mining deposits in which Eldorado Gold Corp will also take part. The corporation cooperates with one of the largest construction companies in Greece – Actor, which operates in Bulgaria. Asked by GRReporter whether the company is planning to develop a project in Bulgaria, given that it already operates in three Balkan countries - Romania, Greece and Turkey Wright said, "We have our hands full for the moment."

The merger of European Goldfields and Eldorado Gold Corp and the development of the gold mines in Chalkidiki is very good news, said the Canadian Ambassador in Athens, Robert Peck. The news of a major Canadian company entering the Greek market is a sign of confidence for the future of the country at a time when in 2012 we will celebrate 70 years since the beginning of the diplomatic relations between the two countries. Peck said that this investment is one of the largest ones made in recent years and is important for Canada because it will attract global attention to the specialization of Canadian companies in the mining sector. He said the Canadian government expects and requires local companies operating both at home and abroad to maintain the highest standards of corporate social responsibility. In this regard, Peck made it clear that the companies have high standards for nature protection. The president of Eldorado Gold Corp Paul Wright added that the company is making significant investments, which involve business activities in the long run and that this plan will be guaranteed only if the quality of production is maintained.