UMMC confirms purchase of Susumanzoloto Business RusLetter

Part UMMC included “Susumanzoloto”, as well as its subsidiaries and structural divisions. Oleg Kosolapov, Minister of Natural Resources of the Magadan Region, has officially become the new CEO of the company. Prior to him, Alexander Chugunov held this post for 6 years.

Kosolapov noted that UMMC plans to increase the production of alluvial and ore gold. “In this case, the transformation of an enterprise means investing in it, attracting additional intellectual and production resources,” the new CEO emphasized.

At the end of June, two UMMC managers joined the board of directors of Susumanzoloto. A month later, Kommersant informedthat UMMC is completing the acquisition of a controlling stake in Susumanzoloto. It was clarified that the copper producer had already bought out the shares of the heirs of the founder of the gold mining enterprise Vladimir Khristov. Officially, the amount of the transaction was not disclosed.

Then the sources of the newspaper suggested that the UMMC was not going to stop at buying one “Susumanzoloto”. It was noted that the company is interested in buying the assets of Petropavlovsk and Polymetal.

Susumanzoloto specializes in gold mining at alluvial deposits in the Magadan region. According to the Union of Gold Producers of Russia, in 2021 Susumanzoloto was among the top 10 gold mining companies in Russia. The enterprise produced 7.3 tons of precious metal.

UMMC is engaged in the production of copper, zinc and coal. The company also receives gold and silver as ancillary components in the extraction of non-ferrous metals. Its structure includes more than 40 enterprises in Russia and abroad. UMMC ranks 50th in the 2021 Forbes rating of the 200 largest private companies in Russia.

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