Miner to team with Millhouse Capital to develop gold deposit.
Mining giant BHP Billiton is said to be considering a move to produce gold in Russia, through a partnership with Roman Abramovich’s private company Millhouse Capital.
According to a report by Resource Investing News, BHP and Aristus Holdings, a Cypriot company controlled by Millhouse, will focus on developing the Baimskaya gold and copper field, said to be one of the largest gold deposits in Russia’s Chukotka region.
It is thought that BHP could pay about US$1 billion in total for the mining project, which could be finalised by the end of the year.
While the gold at Baimskaya is low grade the mine ranks high in terms of contained ounces.
Rio Tinto is also thought to have shown interest in developing the gold and copper mining at the site but has instead chosen to develop gold fields in the far eastern reaches of Russia.