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Russia's leading gold miner Polyus Gold will discuss at its September
Russia's leading gold miner Polyus Gold will discuss at its September 30 board meeting the prospect of buying 50.1% of shares in Kazakhstan's KazakhGold, a business daily reported Monday.

The Russian gold miner issued a press release following media reports about the forthcoming deal, Vedomosti said.

KazakhGold's stock closed at $11.988 per GDR on the London Stock Exchange on Friday, with the company's market capitalization at $592.7 million. Polyus Gold valued the gold miner at $746 million, a 25% premium on Friday's trading, the paper said.

KazakhGold issued a statement declaring that Polyus Gold's offer included $7.95 and 0.298 Polyus shares for each share, Vedomosti reported. Polyus Gold's closing price of 570 rubles on the MICEX stock exchange Thursday, makes the offer equivalent to $14.73 per KazakhGold share.

The statement by KazakhGold also said that Gold Lion Holdings Limited, owned by the family of Kanat Asaubayev, chairman of the company's board of directors, and possessing 41.7% of its shares, was ready to accept the Polyus offer.

KazakhGold produced 232,060 troy ounces of gold in 2007 and planned to boost gold output to 1 million ounces by 2013. The company's reserves are estimated at 59.6 million ounces. KazakhGold posted $19.4 million net profit and $177 million revenues in 2007.


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