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Russia's Federal Antimonopoly Service satisfied the application of Stanmix Holding Ltd (Cyprus, belongs to Highland Gold Mining) for the acquisition of 100% in CJSC Basic Metals, the Kommersant reported.

According to the paper, the parties expect to close the deal before the end of Q1 2013.

Basic Metals owns Kekura, a large gold deposit located in Chukotka automonous area, with indicated reserves amounting to 47.9 tonnes of gold, inferred reserves estimated at 42 tonnes of gold (under JORC guidelines).

Highland Gold Mining was established in May 2002 to attract investments in Russian gold mining enterprises. It possesses gold ore deposits Mnogovershinnoye in Khabarovsk Krai (one of the five largest gold mining enterprises in the Russian Federation) and Belaya Gora, Taseevskoye in Chita region and the polymetallic gold ore deposit Novoshirokinskoye.

"AK&M", 28.01.2013