Kazzinc, Verny Capital acquires Kazakhstan gold miner Orion Minerals for $200 mn

Kazzinc, Verny Capital acquires Kazakhstan gold miner Orion Minerals for $200 mn

Kazakh zinc miner Kazzinc controlled, by commodities giant Glencore and private equity firm Verny Capital, today acquired Kazakhstan gold miner Orion Minerals from Cammex LLP for about $200 million.

Kazzinc will own 89.5 per cent in Orion Minerals and Verny Capital 10.5 per cent.

Orion Minerals holds exploration licences in a Raigorodok gold field located in North-Central Kazakhstan and a Komarovskoye prospect located in the Kostanai region in Western Kazakhstan.

"The new owners intend to implement an investment programme aimed at further industrial development of these deposits," said Verny Capital in a statement.

Kazzinc, formed through the 1997 merger of Eastern Kazakhstan's three main non-ferrous metals companies, is a major, fully integrated zinc producer, with considerable copper, precious metals and lead credits.