Renova-Capital, affiliated with Russia's Renova group, is about to close a deal to purchase about 25% in Kazakh gold producer Charaltyn, Vedomosti business daily reported Tuesday citing three independent unspecified sources close to the deal.
Alexander Yakubov, analyst with CenterInvest Securities, told Vedomosti that Charaltyn could cost up to U.S. $300 million.
In this case, the price for a 25% stake might be $75 million, he said.
Renova Capital’s Managing Director Oleg Tsarkov declined to comment on the deal.
But Kirill Lipa, managing director of Aton's investment banking department, told Vedomosti he confirms that Renova Capital is in talks to buy the stake. Aton is acting as a consultant to Charaltyn, the newspaper said.
On August 24, Charaltyn announced its plans to merge with Canada's Eurasia Gold, Vedomosti said.
If Renova manages to buy the stake in Charaltyn, it would get a chance to become a shareholder in Eurasia Gold, which is listed on the Toronto stock exchange, Vedomosti said.
Charaltyn is currently developing Kazakh gold deposits with estimated reserves of about 85 tonnes.
Russia's Renova is controlled by billionaire businessman Viktor Vekselberg.
Fund Rises $21Bln in H1 Aug 30, 2005 Billionaire Viktor Vekselberg's holding company, Renova, agreed to buy 25 percent of Kazakh gold producer Charaltyn, Interfax reported, - The Moscow Times, -- UrAsia Energy Ltd. The company's board of directors includes Ian Telfer as its non-executive Chairman. http://www.freemarketnews.com/eRADIOLaunch.asp?rid=350 ,
Btw. Russia's Renova is controlled by billionaire businessman Viktor Vekselberg - wanted to buy all of Charaltyn for $300 million - he was only allowed to buy 25% for $75 million - with a much higher POG $677.00/oz today it was smart move - he would get about double today, imo.
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