Sberbank Capital may pay $40-45 mln for armenian mining company’s 49% stock – newspaper
14.07.2012,
04:58
Sberbank Capital may purchase 49% stock of Armenian gold mining company for $40-45 million, Kommersant (КоммерсантЪ) newspaper informs.
YEREVAN, July 13. /ARKA/. Sberbank Capital may purchase 49% stock of Armenian gold mining company for $40-45 million, Kommersant (КоммерсантЪ) newspaper informs.
Yesterday, July 12, Paramount Gold Mining CJSC, registered in Armenia, disseminated a message that Sberbank Capital, a subsidiary of Russia’s Sberbank, is going to buy 49% stock of the gold mining company operating in Lusajur, Kotayq region of Armenia. Paramount Gold Mining received the license for for the gold deposit for 25 years in 2011. Armenian businessman Tigran Arzakantsyan owns 51% of shares.
In 2013 the value of the equity stake may rise to $50 million as the company enters its active phase of operation, according to the source.
Industrial commissioning of the deposit, located in 70 km from Yerevan, is scheduled for launch by the end of 2012. Gold reserves of C1+ C2 categories make 18.5 tons.
About 0.7 to 1 ton of gold is planned to be extracted annually in late 2013. A refinery was built with an output of 150,000 tons of ore annually.
Total volume of investments to Paramount is unknown. At the end of the last year Tigran Arzakantsyan reported the investments in the project will total $7 million in 2012. Moreover, a refining workshop may be built at that area which will raise the output by 30-40%.
The project in Lusajur will create 450 highly-paid jobs, according to Arzakantsyan.
“Sberbank Capital first entered Armenia as a large investment partner the presence of which was ensuring success. Our cooperation has broad perspectives as the Russian investor shows interest to developing ores in Armenia,” he said.
Sberbank Capital intends to buy shares of the Armenian project in the framework of its strategy of stepping up its geographical operation.—0--
