OJSC Susumanzoloto acquired the right to own a 76.62% equity stake in OJSC Berelekh Mining Company, Susumanzoloto informed.
Susumanzoloto's holding of common shares in Berelekh is 82.53%.
It will be recalled that on September 17, Petropavlovsk Plc Group signed an agreement with OJSC Susumanzoloto regarding the sale of 76.62% in OJSC Berelekh for $25 million.
Berelekh holds licenses to mine and explore alluvial assets in Russia's Magadan region; it is the only producing asset of Petropavlovsk Group outside of the Amur Region.
Total 2012 annual production from Berelekh was 52,500 oz, representing 57% of the Group's total alluvial gold production and 7% of the Group's total attributable gold production for 2012. The total cash costs of production at Berelekh in 2012 were $1,400/oz. In H1 2013, Berelekh produced 13,800 oz; its total 2013 gold production is expected to hold steady year-on-year.
As at June 30, 2013 Berelekh had ca $77 million in gross assets, ca $35 million in net assets. In 2012, its pre-tax profit reached ca. $6 million.
OJSC Susumanzoloto (tax number: 4905001978) is a gold exploration and mining company. The authorized capital of Susumanzoloto is RUB 890.6 thousand represented by 890,557 common shares at par value of 1 ruble. Its major shareholder is Vladimir Khristov (82.6% of shares).
According to the information and retrieval system DataCapital, RAS net profit of Susumanzoloto for January-September 2013 dropped 2.77-fold to RUB 234.595 million from RUB 650.924 million the year before. Revenue increased by 17.19% to RUB 5.223 billion from RUB 4.457 billion, sales profit decreased 2.39-fold to RUB 397.105 million from RUB 948.468 million, pre-tax profit 2.86-fold to RUB 277.576 million from RUB 793.311 million.