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. Last Updated: 07/27/2016

Kerimov May Finalize Outlines of Purchase in Uralkali

Senator Suleiman Kerimov could finalize the framework for the purchase of a stake in Russian potash miner Uralkali by the end of June, several banking and financial industry sources said.

The sources did not say how much of Uralkali the tycoon might purchase, but they noted that he will likely pay for the shares in installments and use part of his stake in Polyus Gold as collateral.

"The collateral will be about 10 percent," one of the sources said Thursday.

Kerimov is considered to be on good terms with the Russian government, indicating that it would support a share purchase.

He already owns 37 percent of Polyus Gold — Russia's largest gold miner.

The $5.5 billion share of Polyus Gold makes Kerimov Russia's 19th-richest businessmen, according to Forbes magazine.

Sources previously said Uralkali majority owner Dmitry Rybolovlev values his company at $10 billion.