MOSCOW, August 11 (RIA Novosti) - Russian steel producer Severstal has bought a gold mining enterprise in east Kazakhstan, the company said on Monday.
It said a 100% stake in the Balazkhal field was acquired by a Severstal subsidiary, Severstal Resurs.
No other details of the deal are currently available.
Balazhal has an estimated 20 metric tons of recoverable reserves with probable reserves of 30-40 tons. Production was halted in late 2006 over funding problems.
Severstal Resurs plans to resume mining operations by 2009 and eventually produce up to 1.5-2 tons of gold a year.
