Kazzinc, Verny Capital buy two Kazakh gold deposits

Feb 19. Reuters. ALMATY

Kazzinc, Verny Capital buy two Kazakh gold depositsGlencore-controlled zinc producer Kazzinc and Kazakh investment company Verny Capital have acquired two gold deposits in northern Kazakhstan with combined reserves of some 70 tonnes for about $200 million, Verny Capital said on Tuesday.

The deal was accomplished through the purchase of Kazakh company Orion Minerals, which owns rights for subsoil use at the Raigorodok field in the Akmola Region and Komarovskoye in the Kostanai region, Verny Capital said in a statement.

Kazzinc owns 89.5 percent in the new company and Verny Capital 10.5 percent.

“The new owners intend to implement an investment programme aimed at further industrial development of these deposits,” Verny Capital said, adding that after additional exploration the reserves of the two fields could turn out to be larger.