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. Last Updated: 07/27/2016

Abramovich Buys First Gold Deposit

Roman Abramovich, the billionaire governor of the Chukotka autonomous district, has bought a gold deposit in the region, which may be a first step to larger investments there.

"We have bought the Dvoinoye deposit," John Mann, spokesman for Abramovich's investment vehicle Millhouse, said Friday.

"The governor and the companies associated with the governor ... are interested in long-term development of Chukotka and its natural resources," he added, declining to give more details.

The Dvoinoye deposit holds 2.79 tons of gold reserves, or almost 100,000 ounces, Mann said Friday. Millhouse also bought a gold mining company to operate the deposit, he said.

"The point is to make the region self-sufficient" economically, Mann said. "This is Millhouse's first commercial step into being part of that development."

Chukotka aims to increase production of gold to as much as 50 tons per year by 2020.

Bloomberg, Reuters