Horvik, a Cyprus-registered company indirectly owned by Vladislav Sviblov, has agreed to acquire 51.2% of the shares of London-listed Trans Siberian Gold (TSG) from its major shareholders for 118p and plans to announce a recommended preconditional mandatory cash offer for the remaining shares.
Sviblov has a number of mining assets in Russia, including a strategic investment in Highland Gold and Ozernoye Mining.
TSG operates the high-grade, low-cost Asacha gold mine, in Kamchatka, Far East Russia, and also owns the greenfield Rodnikova gold deposit that has the potential for an extension of the life of the Kamchatka operations.
“We believe that TSG has an attractive asset portfolio in the Kamchatka region and we believe we can support TSG’s future development,” said Sviblov on Thursday.