VTB Capital buys stake in Siberian gold miner Zapadnaya
MOSCOW (Reuters) - VTB Capital, an investment arm of VTB (VTBR.MM), Russia's No.2 lender, has acquired a minority stake in Siberian gold miner Zapadnaya Gold Mining, which tried unsuccessfully to list in London last year.
VTB Capital did not disclose the size or price of the stake on Friday/
Sources told Reuters last year Zapadnaya wanted to raise about $70 million during an initial public offering that would have valued the firm at about $200 million.
The company has three major assets in Eastern Siberia - two producing mines and one advanced-stage development project - and produced 67,796 ounces of gold in 2010, posting a net profit of $24.8 million. It aims to double output in four years.
Pavel Babarykin, chairman of the board of directors of Zapadnaya, said in a statement the new investment capital would be spent on construction of the Alexandrovsky mine and modernization of the Kedrovsky mine in Siberia.
(Reporting by Polina Devitt; Editing by Dan Lalor)
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