ADVERTISEMENT

Russian billionaire Abramovich buys gold mine in Chukotka

Deals

Millhouse Capital, an investment vehicle for Russia's number one on the Forbes list, Roman Abramovich, has bought its first gold mine in the Chukotka Region, governed by the billionaire, a respected business daily said.

Vedomosti quoted sources close to Millhouse as saying the London-based investment company had bought the Dvoinoye gold mine in the northeast of Russia, which experts said was small but had vast reserves and could have cost $50-70 million.

Millhouse spokesman John Mann confirmed the deal. The paper cited a top manager of the Chukotka gold miner, a previous owner of the field, as saying Abramovich, who is best known outside Russia as the owner of the Chelsea soccer club, might buy several small gold mines in Chukotka and then move on to gold assets in neighboring regions.

Abramovich's first deputy in the Chukotka administration, Andrei Gorodilov, told Vedomosti that the development strategy of the region until 2020 provided for raising gold production from 4.5-5 metric tons to 30-50 tons per year. “For this purpose, we attract investors to the region and welcome such an investor as Millhouse,” he said. Abramovich, 40, topped the Forbes Russia list for a third time with a fortune of $19.2 billion in April. (en.rian.ru)

ADVERTISEMENT

Czech economic confidence weakens in November Analysis

Czech economic confidence weakens in November

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.