VTB has sold 23.08% stake in Zapadnaya Gold Mining for 3.1 billion rubles, or $51.3 million, this follows from the Russian bank’s financial report on results of 2016.
However, the report doesn’t specify the name of the buyer of the share in the Russian company with Cypriot origin. In the structure of Zapadnaya Gold Mining 75% are owned by the company's management, 2% - by the minority shareholders, and 23% - by VTB.
Zapadnaya Gold Mining includes the company Zapadnaya with two assets - gold-mining cooperative Zapadnaya and Alexandrovsky mine.
The company Zapadnaya develops an underground mine of Badran in the Republic of Sakha (Yakutia), where 33817 ounces of gold were produced in 2016. The company also holds a license for the Bazovsky ore field, the inferred resources of which make up 66 tons of gold on the P1 category and 116 tons on the P2 category at the average grade of over 10 grams per ton.
The gold-mining cooperative Zapadnaya operates at the Kedrovskoye deposit in the Republic of Buryatia, where it mines gold ore by underground methods. In 2016, 32 459.4 ounces of gold were produced at the deposit.
In 2016, Alexandrovsky mine produced 43 012 ounces of gold at the Alexandrovskoye deposit in the Trans-Baikal region.