Qatar invests in Greek gold
SHARES in European Goldfields will be in focus today after Qatar Holding, the sovereign wealth fund that owns Harrods, announced a $1billion (£642million) investment to accelerate the company’s gold projects and help boost the Greek economy.
Goldfields’ executive chairman Martyn Konig hailed the deal, under which Qatar will provide a $600million loan facility as well as offering a further $150million in loan notes to existing shareholders as a “significant commitment to the company and to Greece”.
Qatar has also bought a 9.9 per cent stake in the £934million UK-listed company but could increase this significantly, bringing the value of its investment to about $1billion.
Qatar Holding is the sovereign wealth fund that owns Harrods
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Goldfields was awarded a permit in July allowing it to mine for gold in the north of Greece. Konig said: “This marks another very significant milestone on our path towards becoming the largest gold producer in Europe.”