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Russian company Polyus Gold has struck a deal with a Kazakh family to sell several of its gold production assets, including those it owns in Romania, which belong to its subsidiary KazakhGold, in exchange for 509 million dollars.
Polyus Gold acquired 50.1% of KazakhGold last year, for 269 million dollars, from the Assaubayev family, press agency RIA Novosti states, according to Mediafax.
AltinGroup, controlled by the Assaubayev family will acquire 65% of Kazakhaltin, 65% of Romaltin Mining, Romaltin Exploration and 43.3% of Talas Gold in the first three months of 2011, in exchange for 331 million dollars, a press release by Polyus states.
At a later stage, AltinGroup will acquire, for 178 million dollars, several holdings that control the remaining stakes in the assets which are the object of this deal.
Furthermore, AltinGroup will cancel a debt of 31 million dollars of KazakhGold and will provide funding to the company to allow it to pay off a debt of 52.67 million dollars.
Polyus Gold and the Assaubayev family also agreed to drop several legal disputes tied to the takeover of KazakhGold.
In 2006, KazakhGold and British mining group Oxus acquired the assets of Transgold Baia Mare, which was being liquidated. In 2007, Kazakhgold completed the full takeover of the Romanian company in question, by gradually acquiring the 50% stake that the British company held in the joint venture Romaltin Limited.
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