July 12 (Reuters) – Kazakhstan on Monday annulled the sale of shares in KazakhGold (KZGq.L) to Russia’s Polyus Gold (PLZL.MM), potentially putting in jeopardy the plans for a merger of the two groups to create a gold-mining giant.
“Due to newly discovered information regarding violations of the law on mineral resources during the purchase of the stake in KazakhGold by the Russian company Polyus Gold, the competent authority has cancelled the previously taken decisions to allow the sale of KazakhGold shares,” the Kazakh Industry Ministry said in a statement.
“For the same reason, there is a ban on the additional share issue by KazakhGold.” (Reporting by Masha Gordeeva; Writing by Toni Vorobyova; Editing by Maria Kiselyova)