Uzhuralzoloto buys 28.34% in Petropavlovsk Plc from AEON

MOSCOW, Feb 7 (PRIME) -- Russian gold producer Uzhuralzoloto Group of Companies (UGC) has closed an acquisition of a 28.34% stake in Petropavlovsk Plc from a subsidiary of AEON Corporation of businessman Roman Trotsenko, UGC said in a statement on Friday.

“The stake consists of shares that account for 22.37% of the shareholder equity and of convertible bonds that account for 5.97% of the shareholder equity after conversion,” the company said.

“The decision on acquisition of the stake in Petropavlovsk was made in accordance with the investment strategy of our company,” UGC said in the statement quoting President Konstantin Strukov.

“We believe in the great potential for growth of Petropavlovsk and in prospects of the fields located in Far Eastern Regions. Besides that, Petropavlovsk has a technology for pressure oxidation of refractory gold-bearing ores that is unique in Russia,” and this technology should improve growth in Russia’s gold production, Strukov said as quoted by UGC.

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