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Kopy Goldfields sells Kopylovskoye gold project to new buyer

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Kopy Goldfields sells Kopylovskoye gold project to new buyer

Kopy Goldfields AB sold the Kopylovskoye gold project for US$6 million in cash to a new group of Russian investors after the original buyer failed to agree to a price on time.

Stockholm-listed Kopy said it canceled the transaction with the initial buyer "in recent months" but has already received the first installment from the new buyer; the rest will be paid in several installments before the end of 2021.

If the payments for wholly owned Kopy subidiary Taiga LLC, which holds the Kopylovskoye license and three others, are made more quickly and the sale is completed before Dec. 31, 2020, the total selling price will be reduced to US$5 million.

Taiga owns exploration licenses Kopylovskoye, Vostochnaya Ploshad, Pravovesenny and Takhtykan, all of which are in the Bodaybinsky District of northeastern Irkutsk oblast in southeastern Siberia.

According to the Russian GKZ mineral resource reporting system, Kopylovskoye has 7.4 tonnes of C1 and C2 gold reserves.

In July, Taiga passed to Norteks-Engineering, owned by businessmen Anatoly Alekhin, Bogdan Aleshchenko and Mikhail Nozhichkin, according to Interfax. Taiga is now owned by Evgeny Dolnikov and Vitaly Volkov's Vitim Gold LLC, the news agency said.

Kopy said the new owner is preparing for intensive development in 2019.