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Polus Zoloto and KazakhGold Deal is Under Sanction

Kazakhstan authorities have sanctioned Russian gold miner Polus Zoloto to buy out a controlling interest in KazakhGold

Russian business newspaper Kommersant reported citing some source close to the deal, that Energy and Mineral Resource Ministry of Kazakhstan has rejected the right of priority for the buyout of alienated 50 percent plus a stock in gold-mining KazakhGold Group Limited and sanctioned the sale to Polus Zoloto’s subsidiary.

Polus BOD had approved the purchase of controlling interest in KazakhGold, planning to pay for 70 percent by the stocks of Polus and provide cash for the remaining 30 percent.

KazakhGold said that, under Polus proposal, its stock will cost $7.95 and 0.298 stock of Russia’s company.

The overall buyout amount equals $14.73 per a stock of KazakhGold, given September 25 MICEX quotes of Polus – 570 ruble per a stock. So, the deal budget may reach $390 million.

KazakhGold surged gold mining by 6.4 percent to 232,060 troy ounces in 2007. It intends to grow it by 20 percent this year to reach 1 million troy ounces by 2013.