Kopy Goldfields AB’s (publ) wholly owned subsidiary JSC AG Mining (“AGM”) has signed an agreement to acquire a 25% interest in the Russian gold company Zolotaya Zvezda CJSC, for a total cash consideration of RUB 550 million (USD 8.9 million).
Swedish gold exploration and production company Kopy Goldfields, which is looking to take over operations at several mining projects and exploration sites, has bought out a private investor in Zolotaya Zvezda.
Why it matters
Khakassia is a historical gold mining area with well-developed infrastructure and availability of local skilled personnel. Zolotaya Zvezda has been running heap leach bedrock gold mining projects since the mid-90s. It currently operates three open pit mining projects and multiple exploration sites.