Metals News
Fosun is understood to be considering buying a majority stake in Russian miner GV Gold, valuing the company at about $1 billion
Jun 26,2019
Source:Bloomberg News
The content below was translated by Tencent automatically for reference.

SMM News: according to people familiar with the matter, a consortium led by Fosun International is negotiating to acquire a majority stake in GV Gold PJSC, a Russian gold miner backed by BlackRock. Fosun is considering a joint bid with partners such as Zhaojin Mining, the person familiar with the matter, who spoke on condition of anonymity, said. The deal could value GV Gold at about $1 billion.

GV Gold, controlled by the owner of Moscow-based Lanta-Bank, has doubled gold production in Siberia since 2016 to 304000 ounces last year. BlackRock invested in the mining company in 2007, valuing it at $500m and owning about 18 per cent of the company.

International sanctions and falling commodity prices put the miner's initial public offering on hold last year. Although the GV Gold and its owners are not targets of sanctions, the value of all Russian assets has shrunk under US sanctions.

A final decision has not yet been made and an agreement will not necessarily be reached in the negotiations, according to people familiar with the matter. Fosun, Zhaojin Mining and GV Gold declined to comment.

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