Alrosa Gold Project Investigation Launched by Yakutia
July 05, 05
Reports in the Russian press say an investigation has been launched into the activities of a developer of a large gold deposit in Yakutia, controlled by the world’s second largest diamond miner, Alrosa. The inquiry is viewed as part of a conflict between local and federal authorities over control of Alrosa.
The Deputy Minister of Interior, Andrey Novikov, has ordered an audit of OAO Aldanzoloto, a developer of the Kuranakh ore field, reports
“At the beginning of June, State Duma deputy Zalepukhin requested the Interior Ministry to conduct an audit of the illegal actions of Mikhail Bruk, Aldanzoloto's general manager, aimed at removing assets from the company,” Kommersant quoted sources at the ministry. The investigation started last week.
The investigation was initiated by a series of events that started nearly two years ago when a minority shareholder of Aldanzoloto asked the courts to cancel the transfer of the company's ten licenses to a subsidiary company, OOO Aldanzoloto GRK.
The main shareholders of OAO Aldanzoloto are the Yakut state company GUP Komdragmetall (31 percent), IG Russian Funds (25 percent), OOO Kuranakhskoe Zoloto (12.7 percent), and the Aldansky District (10 percent).
According to Kommersant, IG Alrosa owns 98 percent of OOO Aldanzoloto GRK.
The news site says the battle over the gold deposit is part of a wider conflict between Yakut and the Russian federal government over control of Alrosa. “President of Yakutia Viacheslav Shtyrov apparently decided to use the new scandal around Aldanzoloto to pressure the federal center,” it says, adding that the market regards IG Alrosa as a company representing the interests of the federal center”.
IG Alrosa is involved in attracting investments to develop the Lomonosov diamond field and is setting up a Yakut gold holding firm.