Dynamite explosions blast rock mass at a gold mine.
Photo: Reuters
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Abramovich Eager to Mine Gold
Britain’s Highland Gold Mining Limited is selling to Millhouse Capital LLC of Roman Abramovich the new stocks in size of 40 percent of increased capital. The company has sent the respective notification to LSE.
Under the terms of the deal, Millhouse will buy 130,100,000 new stocks of Highland Gold Mining at £1.51 ($3.11) per a stock, paying for the stake in two tranches. The deal budget will reach $400 million.
The completion of the deal's first stage is slated for December 11. After it, Millhouse will be able to appoint three of nine directors to Highland Gold BOD as well as the company’s CEO.
Roman Abramovich currently owns a sizeable stake in Russia’s steel leader, Evraz. His rival, Severstal owner Alexei Mordashov is also buying gold assets at large. Not long ago, Mordashov called the Highland assets attractive for the takeover and his words drove up the company’s quotes.
In Russia, Highland Gold Mining Group owns Mnogovershinnoe gold deposit (the Khabarovsk district), Novoshirokinskoe gold deposit (the Chita region) and Maiskoe gold deposit (the Chukotka district).
Russdragmet was set up in November 2002 to manage Russia’s assets of Highland Gold. Some 34 percent in Highland Gold belongs to Canadian Barrick Gold Corp, which leads in gold mining wordwide.
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