The Russian gold mining industry continues to be in the spotlight of foreign investors. Following the recent announcement of China National Gold Corporation, China’s largest gold producer, to invest up to US$500 million in the development of Russia’s Klyuchevskoye gold field, Fosun Group, the Chinese investment conglomerate, expressed its interest in the acquisition of a stake in Polyus Gold International Ltd., one of Russia’s largest gold mining companies, owned by the Russian billionaire Said Kerimov.
According to some Russian media reports, the Chinese company is interested in the purchase of a blocking stake in Polyus Gold, which is equivalent to 25%. This should help Fosun to get an access to Sukhoi Log, Russia’s largest gold field in terms of reserves, which development could be started already in 2017.
Currently Polyus, together with the Russian state defence corporation Rostec, are considered as the most likely winners of a forthcoming stat tender for the development of Sukhoi Log, the Russian gold field, which reserves are estimated at 130 million gold ounces.
source: investorintel.com
