You are here
Chinese company Fosun buys stake in Russia's top gold miner for $887 million
Kenadyr Announces Partial Drill Results at the South Zone:
Intersects 40 Meters at 6.17 Grams of Gold per Ton
Friday, May 25, 2017
VANCOUVER, British Columbia, Canada -- Kenadyr Mining (Holdings) Corp. (TSX Venture: KEN, OTCQB: KNDYF, Frankfurt: KM0) announces that drilling at the South Zone of Kenadyr's fully owned Borubai License in the Kyrgyz Republic has intersected widespread gold mineralization including 40 meters at 6.17 grams per ton.
The South Zone is directly adjacent to Zijin Mining Group Co. Ltd.'s Taldy Bulak Levoberejnyi ("TBL") Mine deposit, currently in production.
Initial drilling was designed to intersect an area drilled by the Soviets between 1970 and 1990 that intersected significant gold mineralization. The current drill hole provides support for the validity of the historic Soviet results and indicates that widespread gold mineralization may exist on Kenadyr's license directly adjacent to (within 100 meters of) the TBL mine.
The South Zone is open in three directions and to depth and there are strong indications that it connects to the TBL deposit. Core recovery is greater than 95 percent and all intervals have been assayed using fire assay methods at an internationally accredited laboratory (ALS Global). ...
For the remainder of the announcement:
By Polina Devitt and Julie Zhu
Wednesday, May 31, 2017
A consortium of investors led by China's Fosun International Ltd (0656.HK) will buy a 10 percent stake in Russia's top gold producer Polyus (PLZL.MM) for $887 million, they said on Wednesday.
Russia, the world's third largest gold producer, has been looking for investments in Asia, mainly in China, since the West imposed sanctions on Moscow due to its role in the Ukraine crisis and the annexation of Ukraine's Crimea peninsula in 2014.
China is the world's top consumer, producer and importer of gold and Chinese companies have been targeting gold mine acquisitions.
Fosun, an acquisitive Chinese conglomerate, will buy 12,561,868 Polyus shares for $70.6025 per share from the family of Russian tycoon Suleiman Kerimov. ...
... For the remainder of the report:
Join GATA here:
New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: