Putin permits Alliance Group to buy out assets from Kopy Goldfields

MOSCOW. March 26 (Interfax) - Russian President Vladimir Putin signed an order on Tuesday allowing Alliance Mining Company to buy AG Mining holding from Sweden's Kopy Goldfields, which consolidates all the gold miner's Russian assets.

The order concerns 99.999% of shares owned by Kopy Goldfields. The remaining 0.001% are quasi-treasury shares for AG Mining.

According to the Unified State Register of Legal Entities, the shareholders of Alliance Mining Company are Arsen Idrisov (60%) and Deni and Timur Bazhaev (20% each).

The total stake held by Magomed Bazhaev and Alliance Mining Group, whose beneficiaries are said to be Idrisov and, Musa and Deni Bazhaev, reached 92.5% after minority shareholders were bought out last year. Another 2.5%, as reported, belonged to a "friendly shareholder". Kopy Goldfields delisted from the Nasdaq First North Growth Market in Stockholm last October.

Kopy Goldfields completed a reverse takeover of Amur Gold in 2020, with Alliance Group's shareholders, namely Arsen Idrisov, Musa, Deni, and Magomed Bazhaev, gaining control of the merged company. The company is among Russia's top 30 gold miners.