Vekselberg Reaches Koryak Platinum
Renova-Project purchased a large stock of Koryakgeoldobycha, Russia’s second largest producer of platinum. Kommersant has information that Renova plans to get hold of the company’s control stock in the nearest future.
According to Rosstat, until recently Koryakgeoldobycha has been owned by Koen (18,29 percent), New Technologies (18,06 percent), Desi-Holding (12,19 percent), TASh (10,42 percent), Vilyu (4,56 percent) and Kon Geo (4,34 percent). Another 32,14 percent was owned by Russian citizens.
Yesterday, Renova’s spokesman Andrey Shtorkh confirmed the information regarding Renova’s purchase of large stock of Koryakgeoldobycha, mining about 3 tons platinum a year at the Kamchatka Peninsula: “It is true that one of the Renova-Project companies recently purchased a stock at Koryakgeoldobycha,” he said refusing to specify the conditions of the transaction, its price or size. However, a source at Renova said that so far it is not the control stock. However, Renova representatives are currently negotiating with another large shareholder of KGD, regarding the purchase of his shares. So if the outcome of negotiations is successful, Renova will own KGD control stock.
Shtorkh said that by purchasing KGD Renova was creating the “resource base” for Ekaterinburg Non Ferrous Metals Plant (EZTsM), which is co-owned by Viktor Vekselberg’s structures. “The purchase of Koryakgeoldobycha fits the logic of our finishing the production chain, where EZTsM is already present,” Shtorkh said.
This is not Renova’s first attempt to go into the platinum mining. In February it became known that the Group was seeking a project for mining and refining of platinum in South Africa. Renova’s activities are coordinated by Mark Buzuk, who up to the end of 2003 headed the Ekaterinburg Non Ferrous Metals Plant. It looks like Vekselberg assigned him to oversee the purchase of Koryakgeoldobycha.
www.kommersant.com
All the Article in Russian as of Apr. 19, 2005
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