Sberbank Capital increases stake in GeoProMining to 31.47%
MOSCOW. July 5 (Interfax) - Sberbank Capital increased its stake in GeoProMining from 25.74% to 31.47%, so it bought an additional 5.73%, GeoProMining Investment (CYP) Limited said in materials.
The date of the deal was not disclosed.
Last year Sberbank Capital ordered an evaluation from LLC Russian Valuation Service for the market cost of a 5.73% stake in GeoProMining, which belongs to Cyprus-based Cuerpo Services Limited. The beneficiaries of this firm were not disclosed. Currently Cuerpo is not among the shareholders of GeoProMining.
Sberbank Capital joined the capital of GeoProMining in 2014 when it bought 25.64% as part of an additional issue.
Kirill Androsov said in June that his Altera fund is a minority shareholder in GeoProMining (he did not say the size of the stake). Formally the controlling shareholder of the mining company is Geiser Asset Holdings Ltd (50.32%). Also almost 16.72% belongs to Bellmarsh Solutions Ltd, 1.49% to Toboali Enterprise Limited.
GeoProMining was founded in 2001 by Siman Povarenkin, the former partner of Sergei Generalov in the Industrial Investors Group. Povarenkin is in charge of GeoProMining's board of directors.
GeoProMining produces gold in dore alloy and copper, molybdenum and antimony concentrate. The enterprises of GeoProMining are located in Russia and Armenia. The main assets in Russia are OJSC Sarylakh-Surma (Sarylakh gold-antimony field) and OJSC Zvezda (Sentachanskoye gold and antimony field), which together make up the largest antimony complex in Russia. In Armenia GeoProMining has two enterprises the Agarak copper and molybdenum plant and the company GPM Gold, which is developing the Sotskoye gold field and manages the Ararat gold processing plant.