Polyus Gold rescinds agreement with Assaubayev family for sale of gold producer Kazakhaltyn
MOSCOW. March 14 (Interfax) - OJSC Polyus Gold has rescinded an agreement with the Assaubayev family for the sale of gold producer Kazakhaltyn, the Russian company said in a statement.
The company is mulling alternatives for the sale of this asset.
The agreement was annulled because the Assaubayev's company, AltynGroup, failed to raise the money for the first payment under the deal. Polyus is continuing talks with the family and with other potential buyers.
Polyus concluded the deal to sell the production assets of KazakhGold to the Assaubayevs on December 8, 2010. Under the terms of the deal, AltynGroup Kazakhstan was to pay for the shares in the KazakhGold companies operating in Kazakhstan, Romania and Kyrgyzstan in two stages, the first tranche coming due in March 2011.
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