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Super-rich Russian battles Chinese rival in hunt for African gold

Section: Daily Dispatches

By Tim Treadgold
Forbes, New York
Monday, July 20, 2020

If anyone doubts the universal lure of gold as its price nears an all-time high, then consider a China vs. Russia takeover battle for an African gold deposit controlled by an Australian mining company.

While that might sound like a Hollywood movie script, it is for real and being played out on the Australian Stock Exchange and in the far north of gold-rich Ghana.

... Dispatch continues below ...


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Spicing the plot is the lead role being played by Alexey Mordashov, major shareholder in Severstal, a Russian steel and energy business, and a man estimated by Forbes to have a net worth of $19.1 billion.

While steel forms the foundation of Mordashov's fortune, he has developed a taste for gold, creating a London-based business called Nordgold, which controls three mines and 10 exploration projects around the world, including assets in Burkina Faso and Guinea in Africa as well as Russia and Canada. ...

... For the remainder of the report:

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