Russia’s Capital Group, led by Russian businessmen Dmitry Troitsky and Dmitry Korzhev, purchased gold and copper ore mines in the former Soviet republic of Georgia for $120 million from GeoProMining, Ltd., this week.
Troitsky and Korzhev purchased GeoProMining’s OOO Kvartsit and AO Madneuli through their Capital Group company. OOO Kvartsit and AO Madneuli employ 2,000 people, Bloomberg reports.
Tamuna Liluashvili, a Capital Group spokeswoman, said that the company has invested as much as $10 million into the new assets and has appointed a new general director.
GeoProMining said that selling its Georgian assets was the best option for developing the interests of its shareholders. The company will now be able to focus on its growth in its Armenian and Russian assets.
“We have worked over the past few months for a profitable sale of our Georgian assets, and we are pleased to announce the successful completion of this transaction,” Roman Khudoliy, the director-general of GeoProMining, said. “Currently, the main priority of the GMP is to complete construction of the production technology at the Albion GPM Gold, an object that will convert GPM Gold in the asset and which gave rise to a world-class resource for further growth of the company. “