The award of a much-delayed mining permit that will turn European Goldfields (listed on London’s Alternative Investment Market) into Europe’s largest primary gold producer could also make it a prime takeover target, in a sector where players are scrambling for growth.
The permit to develop the Olympias and Skouries projects in north-eastern Greece was first submitted five years ago and the company hopes output from these, along with its Certej project in Romania, will transform it into a mid-tier miner with production of about 400,000 ounces of gold a year by 2014.