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Monday, 28th July 2008 (1279 views)

Roman Abramovich, Russian billionaire and owner of Chelsea football club, has acquired 1.5 million shares in Highland Gold, reports the Times.

He bought the shares from former managing director of the gold mining company, Ivan Koulakov.

Mr Koulakov now has a 5.8 per cent share in Highland Gold.

Millhouse LLC, the investment company belonging to Mr Abramovich, bought a 40 per cent stake in the business last December for a total of £200 million, according to the Telegraph.

One of the gold properties Millhouse LLC owns is the Mayskoye deposit in Chukotka, north-eastern Russia.

Earlier this month Highland Gold announced the deposit may produce up to 275,000 ounces of gold per year.

Henry Horne, chief executive officer of the company, said: "As one of the largest undeveloped gold deposits in Russia, this will transform Highland Gold, resulting in higher gold output, higher production volumes and higher cash contributions."

 

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