Deputy Director of Russian Federal Environmental Control Service Oleg Mitvol
Photo: Alexey Kudenko
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Sky Jeweled with Emeralds
Zelen Kamen of Canadian Tsar Emerald Corp. risks to lose the development license for Europe’s biggest deposit of emeralds – the Malyshevo deposit. Rosprirodnadzor has initiated the withdrawal procedures in the wake of its recent inspection, which revealed the license violations. Today’s claims of authorities may ruin the IPO plans of Canadian owners.
Russian Federal Environmental Control Service, Rosprirodnadzor, has initiated procedures to cancel the license for Malyshevo emerald and beryl deposit of Zelen Kamen, the news agencies reported yesterday. The information was confirmed by a source with Rosprirodnadzor, who specified that the issue would be soon raised before a special commission of Federal Agency for Subsoil Use, Rosnedra. Tsar Emerald briefer Ekaterina Kardash declined to comment yesterday.
Malyshevo deposit is located near Malyshevo-village of Sverdlov region. In addition to emeralds, the deposit yields chrysoberyl, phenacite and beryl; the ore reserves are estimated at 11.5 million tons. The deposit had been idle for more than ten years, but Zelen Kaman resumed the work in October 2006. Zelen Kamen’s owner is Tsar Emerald Corp., which biggest holders are ODL Nominees (15 percent), JP Morgan (12 percent), Firebird Group (10 percent).
Zelen Kamen has been facing license difficulties since 2004, but the Canadians have always managed to sort out the problems. Today’s claims, however, may ruin the plans for Zelen Kamen’s IPO that is slated for late June and which is expected to attract up to $30 million through LSE.
www.kommersant.com
All the Article in Russian as of June 14, 2007
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