Kazakhstan Chamber of Commerce in the USA

KazCham



Kazakhstan: Altyngroup announced Kazakhaltyn takeover. 0

Posted on August 10, 2012 by KazCham

Colibri Law Firm

BNews.kz reports that former owners of Kazakhgold and a family business, Asaubaevs, secured project financing for acquisition of Kazakhaltyn and Djeruyaltyn, gold assets based in Kazakhstan and Kyrgyzstan respectively. The report quotes Russian daily KommersantЪ as stating that the parties are scheduled to close the transaction by early October.
According to other sources the first installment of US$41m has already been wired to Polyus Gold with the second US$59m tranche to follow upon closing of the announced deal. The company intends to secure further US$285m from banking sector to finance the shortfall. The reports have not specified whether the proposed financing would be sourced from local or foreign banks.
Following a reverse acquisition of the Russian assets by Kazakhgold the latter shed its name to become Polyus Gold. As former controlling shareholder the Asaubaev family acquired the exclusive right to take over all of the Kazakhgold’s assets: the Kazakhaltyn, Djeruyaltyn and Romaltyn (Romaltyn Mining и Romaltyn Exploration). In June the Polyus Gold signed a new deal with Altyngroup to sell the remaining assets in Kazakhstan and Kyrgyzstan for USD385m.

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