Report: Russia’s Petropavlovsk open for merger with Renova unit

MOSCOW, May 23 (PRIME) -- U.K.-registered Petropavlovsk Plc, which operates in Russia, is open for a potential merger with gold producer Zoloto Kamchatki, a unit of businessman Viktor Vekselberg’s Renova Group, Petropavlovsk CEO Pavel Maslovsky told Bloomberg in an interview on Monday.

Petropavlovsk sees a “big potential” for the merger, but no talks are being held and no merger proposals have been made so far, he said.

Renova declined to comment.

Zoloto Kamchatki has nine licenses to develop gold deposits in Russia’s Kamchatka Region with combined resources of over 375 tonnes of gold.

In late April, Petropavlovsk signed a deal to buy Amur Zoloto (Amur Gold) for around U.S. $144 million from companies controlled by businessman Musa Bazhayev.

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