Bloomberg News

Kazakhstan Gives Consent to KazakhGold Offer, Polyus Gold Says

November 14, 2008

Kazakhstan's Energy and Mineral Resources Ministry has given consent for OAO Polyus Gold to bid for a stake in KazakhGold Group Ltd. and has waived its right to acquire shares in the country's largest gold producer.

The ``waiver and consent'' for Polyus to acquire 50.1 percent of KazakhGold has been received by the Jersey-based company, Moscow-based Polyus said in a statement released by Regulatory News Service.

There is ``no certainty'' that the offer for the issued share capital will be made and the company will make a further announcement in due course, the statement said. Polyus offered $7.95 in cash and 0.298 of a Polyus share for each KazakhGold share on Sept. 29.

To contact the reporter on this story: Emma O'Brien in Moscow at eobrien6@bloomberg.net

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


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