Bloomberg News

Oxus to Sell Assets to KazakhGold for $152 Million (Update2)

March 12, 2007

Oxus Gold Plc (OXS), a U.K. owner of Central Asian mines, agreed to sell assets in Kyrgyzstan and Romania to KazakhGold Group Ltd. for as much as $152 million.

KazakhGold will acquire Oxus's 67 percent stake in Kyrgyz miner Talas Gold Mining Co. along with a 50 percent stake in Romanian joint venture Romaltyn, Oxus said today in a statement distributed by the Regulatory News Service statement.

KazakhGold will pay London-based Oxus 3.54 million new shares that are worth about $72 million and a deferred cash payment of as much as $80 million, Oxus said.

Shares of Oxus rose 1.25 pence, or 2.5 percent, to 51.25 pence in London, giving the company a market value of 157 million pounds ($303 million).

To contact the reporter on this story: Adam Mitchell in Brussels at amitchell13@bloomberg.net.

To contact the editor responsible for this story: Justin Carrigan at jcarrigan@bloomberg.net


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