UPDATE 1-KazakhGold raises $53 mln for acquisition

(Adds details, analyst comment)

By Olzhas Auyezov

ALMATY, Feb 29 (Reuters) - KazakhGold Group Ltd (KZGq.L), Kazakhstan's largest gold miner, has raised $53 million through a secondary public offering (SPO) of its shares to finance the acquisition of unspecified mining assets, the company said.

In a statement released late on Thursday, KazakhGold said its acquisition target had total reserves of about 2.3 million ounces of gold in different categories. It did not name the assets that it wants to buy.

"The acquisition price of (the) assets is expected to be approximately $60 million," the company said in the statement.

"The reserves are suitable for bulk mechanised mining and an average of 140,000 ounces of gold per year are projected to be produced over the first six years of production," it said.

KazakhGold added it had yet to reach a written agreement on the acquisition. It said it had raised $52.9 million by selling 2.3 million global depositary receipts (GDRs) at $23 each. Mirabaud Securities and JPMorgan Cazenove managed the placement.

Analysts welcomed the deal, provided it could be carried out at a favourable price.

"The fact that the asset, which is obviously very well explored, contains C-category resources signifies that it is likely located in central Asia," Moscow-based Troika Dialog said in a research note on Friday.

Troika analysts said the company should concentrate on expanding its current assets -- Aksu, Bestobe and Zholymbet -- before making more acquisitions.

"We are likely to view the transaction positively only if we can confirm that the asset has been acquired at very attractive valuations," they said.

Analysts were also concerned about the way in which London-listed KazakhGold carried out the placement.

"We see the news as positive for KazakhGold, provided the value-accretive deal closes," Unicredit Aton brokerage wrote in a research note.

"That said, we ... are disappointed that KazakhGold failed to announce the placement in advance, again demonstrating a lack of transparency and poor corporate governance." (Editing by David Holmes)