Russian Gold Producers' Union chief elected to Auriant Mining board
MOSCOW. May 16 (Interfax) - Sergei Kashuba, chairman of the Russian Gold Producers' Union, was elected to the board of directors at Sweden's Auriant Mining, which produces gold in Russia's Far East, at the company's annual shareholders meeting, Auriant said in a statement.
Kashuba was previously advisor to the Auriant board chairman, Preston Haskell.
The board was augmented from five to six directors.
Preston Haskell, Peter Daresbury, Ingmar Haga and Andre Bekker were re-elected to the board, and Sergey Kashuba and Bertil Villard, senior partner and chairman of Swedish law firm Vinge, were elected as new members of the board. Denis Alexandrov, CEO, was not elected to the board.
The company will not be paying dividends for 2012, which it closed with net losses of $11 million.
Auriant Mining AB is a Swedish junior mining company focused on gold exploration and production in Russia, primarily in Zabaikalye (Trans-Baikal territory) and the republics of Khakassia and Tuva. The company currently has four assets, including two operating mines (Tardan and Solcocon) and two early stage exploration assets, one of which, Kara-Beldyr, is a joint venture with the major Canadian gold producer Centerra Gold. The group's assets comprise a large number of mineral licenses held by various subsidiaries. The licenses are estimated to contain almost 1,000,000 troy ounces of gold reserves according to the Russian standards (GKZ).
Preston Haskell, the board chairman, owns 52.87% of the company via Bertil Holdings Ltd.