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Qatar Holdings bought the share of European Goldfields in the Greek gold mines for 1.2 billion US dollars

02 October 2011 / 14:10:06  GRReporter
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Yesterday, Prime Minister George Papandreou and the Emir of Qatar Sheikh Hamad bin Khalifa Al Thani made an investment contract worth 1.2 billion US Dollars for gold mining in northern Greece. 

With the completion of the investment in "Hellenic Gold" company, which operates the mines in Halkidiki, 1,500 new jobs are expected to be created. 

The investment takes place one year after the signing of a memorandum of economic cooperation between Greece and Qatar by Papandreou and Al Thani last September in New York. 

The Emir of Qatar, accompanied by the Prime Minister of the Arab State and Foreign Minister Sheikh Hamad bin Jassim Al-Thani and senior officials of the Emir, talked about the "confidence that he feels in his cooperation with the Greek government." 

He announced Qatar's interest not only in the privatization in the energy field and investment in tourism, but also in the development of Athens old international airport, investment which has been unexpectedly "frozen" in the past. 

Furthermore, the Emir said that Qatar has no political objectives in its investment activities and thanked the Greek government for the rescue and assistance offered to Qatari officials during the crisis in Libya. 

Prime Minister Papandreou, in turn, welcomed the visit of the Emir to Athens, stressing that it shows "the confidence and interest of foreign investors in the sustainable development strategy in favour of all the Greek citizens, which the government applies through reforms." 

As he said, "the investment of capital in Greece means investing in Greece itself." George Papandreou also said that the investment contract with Qatar, "shows the international community's trust in Greece." 

The prime minister spoke about the totality of government reform efforts over the last two years, stressing that "the country's wealth and manpower have been badly managed" and that "it becomes clear how important it is for reforms to be completed in order for all of us to benefit from all the advantages that Greece offers." 

Qatar Holdings acquires a percentage in Εuropean Goldfields. The investment contract was signed, at a meeting between the two leaders, by the President of the Greek company "Hellenic Gold Ltd.”, Dimitris Koutras, the representative of "Aktor", and the president of Qatar Investment Fund, Ahmad Al-Sayed. 

The company "AKTOR CONSTRUCTION INTERNATIONAL" LTD (100 percent subsidiary of "AKTOR ATE"), proceeded to a contract for the sale of 13,000,000 shares of EUROPEAN GOLDFIELDS of Qatar Holdings, i.e. 7.07 percent of its share capital, total value 130.000.000 US Dollars. The share of AKTOR CONSTRUCTION INTERNATIONAL LTD in EUROPEAN GOLDFIELDS, after the deal is 12.2 percent of its share capital, while Qatar Holdings reserves the right to choose to acquire another 9,373,390 shares at 13 US Dollars per share. 

The above contract, as mentioned in the relevant communication, was deemed appropriate by the management of ELLAKTOR so as to facilitate the funding in order to immediately begin the first phase of the project company "Hellenic Gold" in Halkidiki, and also the participation of Qatar Holdings in this project as a strategic investor with a loan of 600 million US Dollars respectively, and 150 million US Dollars from the existing shareholders. 

"This important investment decision is an essential step towards the immediate implementation of a project that will be a significant step in the exploitation of the mineral wealth of the country and marks the establishment of cooperation between AKTOR ATE and Qatar Holdings”, concludes the message. 

Tags: Greece Qatar agreement. contract gold mines
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