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Polyus Gold, Russia's largest gold mining company, said on Monday
Polyus Gold, Russia's largest gold mining company, said on Monday it had received approval from Kazakhstan's government to buy 50.1% in KazakhGold. (Gold for Russia - Image gallery)

The Central Asian country's Ministry of Energy and Mineral Resources earlier announced a waiver of its priority right to buy out KazakhGold's stock in the event of change in control over the company, and gave consent to a possible partial offer from Polyus Gold.

"Polyus Gold can confirm that such a waiver and consent have been received by KazakhGold for the acquisition of 50.1% of the issued and to be issued share capital of KazakhGold by a subsidiary of Polyus Gold based on the terms previously announced on 29 September 2008," the company, which produced 1.2 million ounces of gold in 2007, said in a statement.

At its September 30 meeting, the Polyus Gold board of directors unanimously approved the deal to purchase a controlling stake in KazakhGold, which produced 232,000 ounces of gold in 2007 and plans to boost output 20% in 2008.

Russian billionaire Mikhail Prokhorov, owner of the investment vehicle Onexim Group, and his former business partner Vladimir Potanin who heads the Interros holding company, hold 30% each in Polyus Gold.

Prokhorov earlier said the deal would be paid for with cash (30%) and Polyus Gold's shares (70%).

Under the terms of the deal, Polyus Gold will not be obliged to repurchase the remaining stake in the Kazakhstan gold producer.


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