OREANDA-NEWS. Onexim Group confirms it has completed the sale of its 37.78% stake in Polyus Gold International (LSE – PGIL , OTC (US) – PLZLY), the largest gold producer in Russia and one of the top 10 gold mining companies in the world in terms of output. The shares are being purchased by structures associated with Zelimkhan Mutsoev and Gavril Yushvaev. The proceeds of the sale will be utilized by Onexim Group for current and future investment projects.

“Polyus Gold has been one of the major assets of Onexim Group. Mikhail Prokhorov and later Onexim Group were part of the company’s creation, practically from scratch. In the years that followed, Polyus Gold attained a leading position in the Russian and international markets. In recent years, the company has launched a series of gold production facilities, some of the largest in the country. Major capital was invested into the company, which will allow it to strengthen its position of leadership and ensure stable growth of output in the coming years. In the short term, gold production will begin at the Natalka deposit. In light of this, as well the offer that was received and our view of the balance between the company’s achievements and its potential, we made the decision that the time had come for Onexim Group to sell and realize its profit, said Dmitry Razumov, the CEO of Onexim Group.

Onexim Group is one of the largest private investment funds in Russia, focusing on investments in metals and mining, financial services, media, real estate, utilities, and innovative technology projects.

Polyus Gold International is the largest gold producer in Russia and one of the top 10 largest gold mining companies inthe world by output (in 2012, production totaled 1.68 million ounces). The company has the third largest reserves in the world (proven and probable reserves under international qualification of 90 million ounces). The main facilities of Polyus Gold are located in the mining regions of eastern Siberia and the Russian Far East and include 5 active mines, gold deposits and a series of projects in the construction and development phase. Shares in Polyus Gold International Limited are traded in the premium segment of the London Stock Exchange (ticker: PGIL). In addition, global depository receipts of Polyus Gold International are traded OTC in the US (ticker: PLZLY).