Flamboyant Russian billionaire Mikhail Prokhorov is finalizing the details of his divestment of his thirty eight percent share in Russia's biggest gold miner. The thirty eight percent share is in Polyus Gold and the deal is being scrutinized by UK regulators because of its innate complexity.
This sale can drastically alter the ownership landscape for the mining conglomerate. It is now at a crossroads, as it continues efforts to recover the vast mineral wealth of Russia in the current political climate of uncertainty and wariness. The sale is also being touted as the marriage between Polyus and its rival gold mining firm Polymetal, a marriage which many has comments and reservations in pushing through.
The deal involves an exchange of cash and assets, which British regulators are reviewing as it is touted to be worth around US$3.6 billion. Prokhorov, who also owns the NBA team Brooklyn Nets, holds shares in Polyus through the firm Onexim.
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