Russian state plans to sell controlling stake in Uzhuralzoloto to company's major minority shareholder - deputy finance minister

CHOLPON-ATA. Aug 15 (Interfax) - The Russian state plans to sell the controlling stake in Uzhuralzoloto (UGC) to a major minority shareholder of the company, Deputy Finance Minister Alexei Moiseyev told reporters.

"The company has a large minority shareholder who has remained, and they will become the main one," Moiseyev said. "We will sell the remaining stake."

He did not specify which company was being referred to. Among UGC's known major shareholders is a Gazprombank structure (the former owner of the gold mining company, Konstantin Strukov, sold it a 22% stake last year), while other shareholders remain undisclosed. The total free float exceeds 10%.

The market value of UGC's stake currently under state ownership is approximately 85 billion rubles, Moiseyev said.

Authorities expect to complete the deal this year. "I have a KPI for raising funds from asset sales into the treasury. Accordingly, this is one of the assets we plan to sell as soon as possible," Moiseyev said. "But we've already sold many other things and will sell more, so this target will be exceeded." In July, Finance Minister Anton Siluanov said that the Finance Ministry expected proceeds from the sale of assets transferred to Russia by court decision to exceed 100 billion rubles this year.

Uzhuralzoloto is one of Russia's largest goldmining companies. It operates through two hubs, the Urals hub in the Chelyabinsk region and the Siberian hub in Krasnoyarsk Territory and Khakassia. Until recently, Strukov was the controlling shareholder, but in line with a court decision, in mid-July 67% of the gold mining company was transferred to state ownership.