Canadian gold company strengthens foothold
The largest pure gold mining company in the world, the Canadian Barrick Gold Corporation, has bought another 30 percent of the stocks in the company Fedorovo Recourses, thus strengthening control over one of the world’s largest fields of platinum group metals located in central parts of the Kola Peninsula.
The Russian Governmental Commission for Foreign Investments has permitted Barrick Gold to increase its shares in Fedorovo Recourses from 50 to 80 percent, RBK Daily reports. Fedorovo Recourses is the owner of the license to the Fedorovo Tundra field. According to preliminary data, the field contains about 100 000 tons of ore with 0,35 gpt platinum, 1,4 gpt palladium and 0,09 gpt gold. Fedorovo Recourses plans to build two mines and a mineral separation plant at the field, and productions is planned to start up in 2012.
