Prosperity consolidates 7% of shares in Highland Gold, nominates independent director

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Prosperity consolidates 7% of shares in Highland Gold, nominates independent director

MOSCOW. Sept 24 (Interfax) - Prosperity Capital Management (PCM) has consolidated 7% of shares in Highland Gold Mining (HGM), a London-listed company that mines gold in Russia.

Prosperity Voskhod Fund said in a report that representatives of PCM have met with HGM's board chairman and CEO and reached a tentative informal agreement to appoint an independent director to the miner's board who will be nominated by the fund.

Prosperity Voskhod spent $10.6 million on the purchase of its stake in HGM, most of which was acquired in April 2012, when Canada's Barrick Gold Corp sold a 20% stake in the company, the report said.