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Thursday, 30th April 2009 (780 views)

Highland Gold Mining has sold its Mayskoye gold development in north-east Siberia for $105 million (£70.4 million).

A group of Russian companies purchased the issued share capital of the Zolotrudnaya Kompaniya Mayskoye subsidiary, which owns the project.

Completed on April 28th 2009, the transaction involved a number of firms, including JSC Polymetal.

Located in the Chukotka region of north-east Russia, the Mayskoye gold development was sold to Highland Gold in 2003 and a feasibility study was carried out on the site during the second quarter of 2008.

The unedited carrying value of the property at the end of 2008 was $210 million and an impairment charge will be recorded as a result of the transaction and the proceeds of the sale will be used to improve Highland Gold's liquidity position.

Highland Gold Mining is a gold producer with assets in Russia and central Asia, with estimated reserves totalling 15.7 million ounces.

 

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