According to the Russian press, Antonov’s Finasta Investments, together with the Russian mining group Almazintech, will invest $400 million to acquire a gold mine in Kyrgyzstan.
Finastra Investments and Almazintech will form a joint venture for the acquisition of one of Kyrgystan’s largest gold mines, the Jerooy deposit, according to the reports.
A casual glance at the history of ownership of the mine is enough to make anyone question whether the mine is a prudent investment. Controlled by the state, the Jerooy deposit has changed owners three times over the last12 years, and the state has previously withdrawn mining licences from two potential investors.
But the mine’s prospects are pretty attractive. The deposit is said to hold reserves estimated at 74.6 tonnes or 2.4 million oz gold with an average grade of 6.3 g/t.
And gold is currently at an all-time high of $1,641.89 an ounce, as investors turn to the bullion as a safe haven.
Antonov is one of the richest people in Russia, with personal wealth estimated at $300 million. He owns several Russian banks as well as Portsmouth football club, Spartak Moscow Hockey club and a basketball club in Vilnius.
Earlier this year, Antonov tried to acquire Saab Automobile, but his bid was rejected by the European Investment Bank last week.
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