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KazakhGold appoints HSBC to deal with forthcoming share placing

05 November 2009

KazakhGold, the gold mining group with operations in Kazakhstan, has appointed HSBC Bank as placing agent for its planned placing of new shares and GDRs.

The move is part of a deal that first emerged back in June 2009 that will see eventually see Jenington International, a subsidiary of OJSC Polyus Gold, take a 50.1% stake in KazakhGold in the form of a partial offer.

KazakhGold expects to raise approximately US$100 million following the completion of the placing, which is expected to be completed in the fourth quarter of 2009, subject to market conditions.

In June, KazakhGold warned that production levels and working capital levels had deteriorated substantially, and more rapidly than previously anticipated, and that it required an immediate funding commitment in order to continue to operate as a going concern in its current form.

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