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Russian billionaire's miner sees gold pain as buying opportunity
By Danielle Bochove
Monday, September 21, 2015
Russian billionaire Alexey Mordashov's gold mining company is positioning for a price recovery by buying more assets, defying an industry trend of cutbacks and closures.
Besides expanding existing mines in Russia, Nordgold NV is looking for early-stage projects that improve its reserve base, Chief Executive Officer Nikolai Zelenski said in an interview Monday from the Denver Gold Forum.
While the world's biggest producers, including Barrick Gold Corp. and Newmont Mining Corp., shed assets and cut spending in a bid to contain debt levels exposed by gold's 40 percent plunge from a 2011 peak, Moscow-based Nordgold sees the downturn and the ensuing drop in valuations as a good time to buy.
"That's why we've been making deals in the recent past and we plan to continue to do so in the future," Zelenski said. ...
... Dispatch continues below ...
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