10 May 2012 09:17

Prosperity Capital buys 5.1% of Highland Gold

MOSCOW. May 10 (Interfax) - Prosperity Capital structures have acquired 5.14% of gold production company Highland Gold Mining (HGM), which has a portfolio of gold mining projects in Russia.

HGM said in a press release that Prosperity had not previously owned shares in the company. HGM did not specify whether the shares were bought on the market or from a major shareholder. Prosperity may have acquired part of the stake previously owned by Canadian Barrick Gold Corp, which in April sold its 20.37% to institutional investors for GBP 79.5 million. Based on that price, 5.14% of shares would have cost 20 million pounds sterling.

Until now, the largest gold industry stake in the Prosperity portfolio was a minority stake in High River Gold.