Severstal Gold N.V., a subsidiary of Russia's steelmaker Severstal, has increased its stake in Canada's Crew Gold to a controlling interest after acquiring 209.4 million shares worth $70.8 million, Severstal said on Tuesday.
"After the acquisition, Severstal Gold N.V. owns 1,072,832,160 shares, representing approximately 50.17% of the shares and votes of Crew Gold Corporation," Severstal said in a statement.
Severstal previously held 40.39% in the Canadian gold mining company.
Severstal said the acquisition did not stipulate an offer to Crew Gold minority shareholders in line with foreign legislation in force where the Canadian gold miner's shares are listed.
Crew Gold , registered in the Yukon Territory, Canada, with its head office in Britain, has an open-pit gold mining operation in Guinea, West Africa.
Severstal Gold develops gold fields in Russia, Kazakhstan and Burkina Faso, and carries out several gold exploration projects in the Russian regions. In 2009, Severstal's gold enterprises produced 534,000 troy ounces of gold.
MOSCOW, July 27 (RIA Novosti)