Barrick Gold CEO Greg Wilkins (left) and Canada’s Ambassador to Russia Chris Westdal (right) at the opening of Barrick Gold’s agency in Moscow
Photo: Vasily Shaposhnikov
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Barrick OK in Russia
World’s third gold producer Canadian Barrick Gold opened the Moscow agency yesterday that will coordinate the company’s business in Russia and Central Asia. Russia has great potential, the timing for industry’s development is perfect now and Barrick counts on getting advantage of it, Barrick Gold CEO Greg Wilkins said at the opening ceremony.
Barrick presses ahead with several projects in Russia. It holds 13.9 percent in Highland Gold Mining (HGM) and is entitled to buy out 50 percent of all stocks of HGM’s new acquisitions in Russia. It owns 8.9 percent in Celtic Resources and has the right to purchase half of all stocks of Celtic Resources’ new acquisitions in Kazakhstan. According to Wilkins, Barrick Gold has agreed to widen the stake in Celtic to 14 percent and to stop at that size. As to the joint projects with HGM, the talks are underway on getting 50 percent in Maiskoe field. This asset had been acquired by HGM before the date of the agreement which enables Barrick to penetrate into any project of HGM on parity basis, Wilkins told Kommersant. Moreover, Barrick may bid for the Eurasia’s biggest Sukhoy Log deposit of gold in tandem with a Russian partner. But currently it holds no definite negotiations to the effect, Wilkins specified.
www.kommersant.com
All the Article in Russian as of Apr. 15, 2005
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