An explosion at the Muruntaou gold mine, owned by Novoinsky Mining and Mental Enterprise
Photo: Dmitry Lebedev
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Celtic Starts Mining Yakut Gold in Russian Courts
Irish Celtic Resources Plc has again attempted to regain control over Yakutia’s largest Nezhdaninskoe gold deposit. A few days ago, Voronezh Regional Court provided security under the suit of a Celtic minor and banned an extraordinary general meeting of South Verkhoyansk Mining Co. In Yakutia’s Court of Appeal, the Irish succeeded in challenging the resolution of top managers of South Verkhoyansk Co., as a result of which Celtic had lost control over Nezhdaninskoe.
South Verkhoyansk Mining Co. holds the license to develop Yakutia’s largest Nezhdaninskoe gold deposit, which reserves are estimated at 470 tons. The company’s holders are Yukut Mining Co. (50 percent), Irish Celtic Resources Plc (20 percent) and two offshore comapnies from the British Virgin Islands – Golden Invest Corp. and Davenport Ventures Ltd (30 percent). In late September, ALROSA sold 100 percent in Yukut Mining Co. to Polus, which is a subsidiary of GMK Norilsk Nickel.
The case in hand is the EGM of South Verkhoyansk Mining Co., which was slated for today, November 18, 2005, and expected to approve the issue of new stocks worth 25 million rubles. New issue would be bought out by the holders under close subscription, Polus announced in the news release Wednesday. The second issue of the EGM agenda was sanctioning the deal for raising 800 million rubles with Polus.
Upheld by the awards, Celtic has materially advanced in challenging the right for Nezhdaninskoe deposit of gold. “The sole motive of our actions is to ensure conditions for Nezhdaninskoe development. I would like to think other holders of South Verkhoyansk Mining Co. set similar tasks, when it comes to the future of one of the largest deposits of Russia. The latest events, however, have cast doubt upon it,” said Denis Davydov, PR manager at Polus.
www.kommersant.com
All the Article in Russian as of Nov. 18, 2005
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