Canadian mining firm Eldorado Gold Corporation announced on Monday that it would make a $2 billion investment in recession-hit Greece, which is expected to create 2,000 jobs over several years as a result of its acquisition of European Goldfields Ltd.
Amidst rising unemployment and lack of new investment projects, Eldorado’s prospective proposals to develop further mining projects in northern Greece seem like a breath of fresh air for the recession-hit country.
Eldorado agreed on Sunday to buy Canada-based European Goldfields for $2.4 billion. If the deal is approved by all members in February, European Goldfields’ mining operations will begin at Stratoni, in northern Greece, and mines will be developed in Greece and Romania.
According to AP, Eldorado is currently developing a potential gold mining site at Perama Hill, near Greece’s border with Turkey, that is still undergoing environmental assessment.