PRESS: UMMC buys controlling stake in SusumanZoloto

MOSCOW, Jul 27 (PRIME) -- Ural Metals and Mining Company (UMMC) has completed acquisition of a controlling stake in SusumanZoloto, business daily Kommersant reported on Wednesday citing an industry source.

"UMMC, whose beneficiaries were Iskandar Makhmudov and Andrei Bokaryov before March 14 (the new beneficiaries are not disclosed) has finished the purchase of stakes of the largest shareholders of gold producer SusumanZoloto and is changing the management team," the sources said.

The amount of the deal was not disclosed, but the shareholders of GV Gold, comparable by business scale with SusumanZoloto, asked U.S. $1 billion for the company, while UMMC offered about $500 million in 2021.

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