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MOSCOW, December 12. /ITAR-TASS/. The merger of Intergeo, part of Russian tycoon Mikhail Prokhorov’s ONEXIM Group, and the Canadian Mercator Minerals will cost Prokhorov $100 million at the first stage. Later investments in development will exceed $4.6 billion. The estimates were reported Thursday by both companies.
An amount of $1.5 billion will be allocated for the development of Ak-Sug deposit in the Tuva Republic, Kingash in Krasnoyarsk Territory will require over $2 billion, El Pilar and El Creston in Mexico — $280 million and $656 million respectively.
Prokhorov’s initial investments will be allocated as a bridge loan for Mercator directly, as well as for the development of joint projects.
The merger of companies into the joint Intergeo Mining Ltd was announced Thursday. The newly created independent producer of non-ferrous metals will focus on copper mining. The holding will include the operating manufacturing facilities to be developed over the short and medium term: Ak-Sugsk copper porphyry field in Russia, copper-molybdenum complex Mineral Park in the US and El Pilar in Mexico. It will be split between Intergeo’s and Mercator’s shareholders into about 85% and 15% respectively.
One of the terms to finalize the merger is preserving the merged company’s listing in Toronto Stock Exchange.