Abramovich eyes Russian gold
Russian billionaire Roman Abramovich is interested in boosting his share in London-listed Russian miner Highland Gold Group.
Millhouse Capital, co-owned by Abromovich, announced it is considering buying part of the stake that will be put for sale by Canadian Barrick Gold. Millhouse already owns 40% of Highland Gold.
The world’s biggest gold producer, Barrick Gold plans to sell its 20% stake in Highland Gold after output significantly fell. The Highland’s stake is considered “non-core to Barrick’s business operations and strategy,” the Canadian company said in a statement. On Monday Highland’s shares dropped 4.2% to 164 pence in London trading.
Highland produced 184,102 ounces of gold equivalent in 2011, compared to 199,896 ounces in 2004, according to company data.
