KazakhGold

The KazakhGold Group Limited is the largest gold mining company in Kazakhstan, with headquarters in Stepnogor and an office in London. The legal office is located, however, on the island of Jersey. It belongs since 2009 to the Russian mining company Polyus Gold and listed on the London Stock Exchange.

Corporate activities

The company sponsored a total of 2.26 tons of gold in 2009. These, 504 kg in the mine Aqsu, 763 kg in the mine Bestobe and 995 kg in the mine Zholymbet were dismantled. Claims to KazakhGold has reserves of 47 million ounces of gold.

The KazakhGold Group has subsidiaries in Kyrgyzstan and Romania.

History

The KazakhGold Group began production in 2005 after the mines and other facilities have been renewed.

Because of the global economic crisis, sales collapsed during the 2008 financial year by more than two-thirds of 177 million U.S. dollars in 2007 to 54 million U.S. dollars.

In mid-2009 it was announced that KazakhGold and the Russian company will merge Polyus Gold, which already owned 50.1 percent of Kazakhgold shares until then. The two companies will then operate under the new name Polyus Gold International. The merger of the two companies is a technical maneuver of Polyus Gold, which thereby hopes to higher liquidity and elimination of trade restrictions. Following the merger Kazakhgold took the same corporate design as Polyus Gold.

Shortly after the acquisition of KazakhGold sued Polyus Gold, the former owner of the mining company, the Asaubajew family for allegedly stealing 450 million U.S. dollars.