Qatar investing £497m in Greece¿s flagship gold mining project
King Buzzo – Melvins and Big Business
Melvins and Big Business together @ DC’s Black Cat. Joe Lally, Big Business, Porn opened. 10/19/06.
DCist Promo Write-Up
Pacific Northwest sludge-rock legends the Melvins, who have been around for over 20 years now (raise your hand if that makes you feel really old) team up with local veteran Joe Lally (we’re not ready to say ex-Fugazi yet) this Thursday at the Black Cat along with Big Business, which features Coady Willis of the Murder City Devils. Bring your earplugs. 8:30 p.m., in advance, day of.
The Washington Post said:
It was long ago, but one of the loudest shows I ever heard was the Melvins at a smallish club. Things haven’t changed. They’re still heavy and loud. Hear them within a few blocks’ radius of the Black Cat (202-667-7960). The group is at Ottobar (410-662-0069) on Oct. 20.
(By Curt Fields
Friday, October 13, 2006; Page WE06)
A bit more info here.
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Giving a major boost to the debt-laden Greek economy, Qatar’s sovereign wealth fund is investing £497m in Greece’s flagship gold mining project.
The Middle Eastern emirate has acquired a 9.9 per cent stake in gold miner European Goldfields from an existing shareholder, Greek construction group Ellaktor.
Qatar is also advancing a £385m loan facility, which could eventually take its shareholding up to 20 per cent.
Troubled times: The Greek economy has been at the centre of attention recently
In July Greece granted European Goldfields a long-awaited permit to mine for gold in the country’s north-eastern region.
Analysts reckoned the move would turn
the London-based firm into the European Union’s largest primary gold
producer, expected to be producing 300,000 to 400,000 of ounces per year
at full capacity.
The company hopes to employ about 1,800 people on the project.
The first gold production at its Olympias mine is anticipated in the first quarter of next year.
Production is expected to be between
100,000 and 200,000 ounces a year, while first production at its
Skouries mine will come in the first quarter of 2014.
Qatar has recently become Greece’s
‘friend’. It played a key role in sealing a merger deal in the battered
banking sector in late August.
Qatar will own 17pc of the lender created by the merger of Greece’s second and third largest banks, Alpha Bank and Eurobank.
European Goldfields’ shares fell 7 per cent to 525p on Friday, which compares with the 52-week high of 1080p.
That heady level reflected ongoing
takeover speculation but news of Qatar’s stakebuilding should certainly
put a shine back on the price today.
Category: Business
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