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Thursday, 4th December 2008 (1317 views)

Severstal Resources has announced that it has acquired a 50.1 per cent controlling stake in Canadian firm High River Gold Mines.

The Russian steel giant has purchased 283.3 million newly-issued common shares in High River for $45 million (£30.83 million).

Severstal has been expanding its operations in the Russian gold sector and previously held a 9.9 per cent stake in High River, which it has now expanded.

High River Gold has experienced some financial difficulties in recent months and the deal with Severstal is expected to provide it with a boost.

Nikolay Zelenskiy will take over as High River chief executive as part of the agreement, replacing current incumbent Dan Mosher.

Based in Ottawa, Canada, High River Gold has properties in Russia and Burkina Faso and is listed on the Toronto Stock Exchange.

 

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