N e w s

The conflict around "Dukat", the 3rd in the world silver deposit, has worsen. On wednesday, "Kaskol" company, the new owner of the "Dukat GOK", accused JV "Serebro Dukat", the owner of the license for the deposit development, of violation of Russian legislation. "Kaskol" is hoping to achieve the transfer of license for Dukat to it. Last year, in November "Kaskol" purchased the property of the bankrupt Dukat GOK. Canadians, who claimed for it as well, considered themselves to be left behind and decided to dispute the results of the auction in court. Moreover, "Serebro Dukat" concluded a treaty with ex-owner for a leasing of GOK property. As the representatives of "Kaskol" declared, the security service of "Serebro Dukat" refused to let the director of the "Kaskol" branch - Valentin Nikonov in to the industrial complex. He was going to evaluate the GOK property. A week before, Mr. Nikonov "oficially" offered the administration of "Serebro Dukat" to run the mutual checkup of GOK. However, Canadians ignored this offer and called for security. Now the new owner of GOK declared about the cancellation of the leasing agreement and it is trying to deprive Canadians of license.

The confirmed stocks of Dukat deposit total 14.3 million tones of ore. The license for its development belongs to JSC "Serebro Dukat", where 70% of shares belong to Canadian Pan American Silver (among its shareholders is the World Bank and the Fund of Bill Gates), the rest 30% - to Magadan JV "Geometal Plus" (85.6% of shares of this JV belong to the Canadian firm Western Pinnacle).

Source: Êommersant-Daily (Finmarket)