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. Last Updated: 07/27/2016

Highland Completes Darasun Sale

Highland Gold Mining, the country's fourth-largest gold miner, said Wednesday that it had completed the sale of its loss-making Darasun unit in the region of Chita for total cash proceeds of $15 million.

It said in a statement that it had received $3 million from the buyer, which it did not name, and would receive another $7 million by the end of the year. The remaining $5 million will be paid by the end of the first quarter of 2008.

In August, Highland said it would sell the unit to private mining company Yuzhuralzoloto for $25 million. It said that Yuzhuralzoloto would then pay Highland $3 million in cash and repay the unit's debt of $22 million.

The statement did not mention debt repayment but said Highland would retain some Darasun equipment to be used in other projects.

A fire killed 25 people at Darasun in 2006.

Highland reported increased annual losses of $96.4 million in 2006.