The European Bank for Reconstruction and Development (EBRD) is buying a 5.26 percent stake in Russian gold producer GV Gold. The EBRD will pay a total of about €36.9 million for the purchase.

The seller is Raiffeisenbank, which acted as a financial consultant of EBRD, adds PRIME-TASS. Raiffeisenbank bought 2.893 million additional shares at €12.48 each. The EBRD has previously invested a total of €60 million in eight gold mining projects in Russia with a total project value of €220 million.

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