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Article: Ailing Canadian Minnow Strikes Gold.(KazakOil and Nelson Gold (Canada))(Brief Article)
- Article from:
- NEFTE Compass
- Article date:
- October 12, 2000
CopyrightCOPYRIGHT 2000 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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With a helping hand from powerful banking duo Halyk and Kazkommertzbank(KKB), Canada's Nelson Gold has been transformed from an ailing partner in a gold mining venture in Tajikistan to joint developer of one of Kazakstan's largest oil fields.
In July, Nelson concluded a deal to sell 35% of its stock to KKB's overseas investment arm Central Asia Industrial Investments (CAll) and 35% to Halyk vehicle Korinth Trade and Invest Corp. The two new owners are now represented on the Nelson board -- including Halyk chairman Karim Massimov -- and are planning to split the company into separate oil and gold mining divisions.
Two months before the deal was concluded, ...