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State stake in UGK to be sold to Gazprombank structure — Russian Finance Ministry

Deputy Finance Minister Alexey Moiseev said the issue of transferring the stake to Alrosa is not on the table

CHOLPON-ATA /Kyrgyzstan/, August 15. /TASS/. Russian intends to sell the state-owned stake in Yuzhuralzoloto (67.25%) this year to a minority shareholder, a company that is part of Gazprombank, Deputy Finance Minister Alexey Moiseev told reporters, adding that the market value of the stake is 85 bln rubles ($1 bln).

The issue of transferring the stake to Alrosa is not on the table, he noted. "No, Alrosa is not being discussed. The company [UGK] has a large minority shareholder who will be the main one there. We will sell the main stake," the deputy minister said. "The market value of the stake, which is currently owned by the state, is around 85 bln rubles," he added.

In July 2025, Russia represented by the Federal Property Management Agency, became the main shareholder of Yuzhuralzoloto. At the end of 2024, AAA Capital Management, part of Gazprombank Group, acquired 22% of Yuzhuralzoloto shares. Another 10.15% of UGK are in free float.

Asked about the timing of the sale, Moiseev said: "We want it this year. I have a KPI for attracting funds from sale of property. Accordingly, this is one of the assets that we plan to sell as soon as possible."

The sale of the state-owned stake in UGK will not be carried out within the framework of privatization, he noted.

Earlier, Konstantin Strukov was the main shareholder of UGK. Last month the Soviet District Court of Chelyabinsk confiscated shares in the gold mining group of companies Yuzhuralzoloto and other assets of Strukov and his entourage to the benefit of the state.

UGK is one of Russia’s largest gold miners. It operates deposits in the Chelyabinsk Region, Krasnoyarsk Region, and the Republic of Khakassia.