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British company bought two gold mines for $5 million in Kazakhstan

16 september 2011, 15:50
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©REUTERS/Chris Wattie
©REUTERS/Chris Wattie
British gold-mining company Hambledon Mining acquired 100 percent of the stake in Kazakhstan’s Akmola Gold that owns two gold-mining projects at the territory of Kazakhstan, StockMarketWire writes.

The purchase of Akmola Gold cost British company $5 million. Half of this amount will be paid in cash and another half in ordinary shares. According to the legislation of Kazakhstan, the deal requires the Government’s waiver of the right of first refusal.

Akmola Gold is the owner of two gold mines called Tellur and Stepok, that are located 140 km north of Astana. Joint resources of these projects are about 440 thousand ounces of gold net of silver and other metals.

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