{"id":1199179,"date":"2020-07-31T06:01:00","date_gmt":"2020-07-31T11:01:00","guid":{"rendered":"https:\/\/www.mining.com\/?p=1031407"},"modified":"2020-07-31T06:01:00","modified_gmt":"2020-07-31T11:01:00","slug":"russian-billionaire-abramovich-sells-out-in-1-4-bn-gold-deal","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1199179","title":{"rendered":"Russian billionaire Abramovich sells out in $1.4 bn gold deal"},"content":{"rendered":"

Russian billionaire Roman Abramovich is selling his stake in local mid-sized gold miner Highland Gold (LON: HGM), the latest in a series of mining deals involving the precious metal, which is trading at record highs.<\/p>\n

Abramovich and other investors holding 40.06% of the Russia-focused gold miner have agreed to sell their shares to Fortiana Holdings Limited in a deal that values Highland at about $1.4 billion.<\/p>\n

Fortiana, a Cyprus-registered company of Russian businessman Vladislav Sviblov, will make an offer to the rest of Highland\u2019s shareholders at the same price of 3-pounds-per-share ($3.94), a 3.8% premium to Thursday\u2019s closing price.<\/p>\n

Highland Gold is one of Russia\u2019s top 10 gold producers, operating several mines in the country\u2019s Far East. <\/p>\n

The agreement follows Fortiana\u2019s sale last month of about 5% in another Russian gold miner, Petropavlovsk. Selling that interest gave the company cash to pursue other investment opportunities, it said at the time. <\/p>\n

Spot gold has climbed about 29% this year on the back mixed factors, including haven demand, a weakening US dollar, negative real yields and a flood of monetary and fiscal stimulus.<\/p>\n

Even with the likelihood of gold price volatility in the near term, investment demand should hold up over a longer time period, the World Gold Council said Thursday.<\/p>\n

Abramovich sold last year a stake in Nornickel<\/a>, Russia\u2019s biggest mining company. The deal was the largest share sale by a Russian company since Magnit PJSC\u2019s accelerated bookbuilt offering in November 2017.<\/p>\n

Fortiana\u2019s acquisition of a stake in Highland Gold is expected to close in the fourth quarter of 2020.<\/p>\n

(With files from Reuters and Bloomberg)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Roman Abramovich and his partners are selling a 40.06% stake in Russian mid-sized gold producer Highland Gold.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,949,369,391],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1199179"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1199179"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1199179\/revisions"}],"predecessor-version":[{"id":1199207,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1199179\/revisions\/1199207"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1199179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1199179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1199179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}