Russian billionaire swoops on struggling Hambro gold miner


Viktor Vekselberg 640x360


A RUSSIAN billionaire has quietly built a large minority stake in Petropavlovsk, fanning speculation that he could launch a bid for the gold miner chaired by City veteran Peter Hambro.

Viktor Vekselberg, whose net worth is estimated at $12 billion, controls a vast empire through his holding company Renova. In recent weeks it has used three subsidiary companies — Lamesa Group, Lamesa Foundation and Polo Company— to amass a 20% stake in Petropavlovsk, owner of one of Russia’s largest gold mines.

Renova did not return calls. Petropavlovsk — founded 21 years ago and originally called Peter Hambro Mining — declined to comment.

The move by Vekselberg, 58, owner of a 250ft super-yacht called Tango, is the latest development in a harrowing year for Petropavlovsk.

Read the full article at The Sunday Times, by Danny Fortson 


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.