... the stake Friday. Sources said last year that Zapadnaya wanted to raise about $70 million during an initial public offering that would have valued the firm at about $200 million. The company has three major assets in Eastern Siberia — two producing mines and one advanced-stage development project. (Reuters)

President Vladimir Putin on Friday appointed a confidant of billionaire Mikhail Prokhorov as the acting governor of the Irkutsk region, where the metals magnate has a large gold-mining operation and other businesses. President Vladimir Putin on Friday appointed a confidant of billionaire Mikhail Prokhorov as the acting governor of the Irkutsk region, where the metals magnate has a large gold-mining operation and other businesses. Sergei Yeroshchenko, 50, president of the regional Travel and Recreation...

Mobile TeleSystems, VimpelCom, MegFon and Rostelecom have signed a letter of intent to jointly lay an underwater fiber-optic line between Sakhalin Island, the Magadan region and Kamchatka in the Far East, the country’s top four telecoms providers said in a joint statement, Interfax reported.  (MT) Miner Polymetal has sold a stake in its noncore gold deposit Veduga to Polygon Gold, a company founded by gold-mining executive Leonard Homeniuk, the company said in a statement Monday. (Reuters)

Chelyabinsk Tractor Plant – Uraltrak, part of Uralvagonzavod, intends to invest 15 billion rubles ($500 million) in the technical refitting of its production facilities, the Uralvagonzavod corporate newsletter said, Interfax reported Friday. Some of the funds will come from the federal target program for the development of the mining complex. The aim of the investment program is increasing annual sales volume to 30 billion rubles while increasing capitalization. Roughly 4.5 billion rubles will be...

Flinders Mines dropped the most in more than 3 1/2 years in Sydney trading on concern that Magnitogorsk Iron & Steel's proposed 554 million Australian dollar ($540 million) takeover may not proceed. The Australian iron-ore developer tumbled 19 percent to 13 Australian...

... "short-term factors," resulting in a 15 percent drop in EBITDA to $114 million. The company aims to achieve production of 800,000 to 850,000 gold equivalent ounces in 2012, with capital expenditure of about $472 million focused on the Lefa mine in Guinea and bringing new deposits into production. (Reuters)

... in the interview. When military action moved to Chechnya later that year, he signed a contract with the Defense Ministry, joining the Air Force's special forces. Dubbed "The Russian Rambo" in some publications, Lebed lost a foot to a land mine but didn't resign, returning to service with a prosthesis in the North Caucasus a few months later. In several acts of battlefield heroism, he reportedly risked his life rescuing his men. He was awarded the Hero of Russian Federation title in 2005...

Environmentalists responded with stoicism to the appointment of career oil man Sergei Donskoi as the new natural resources and environment minister. For MT Donskoi Environmentalists responded with stoicism to the appointment of career oil man Sergei Donskoi as the new natural resources and environment minister. Donskoi, 43, comes with strong links to the oil and mining industries — he was responsible for geology as deputy natural resources and environment minister...

Ukraine's ruling party has triggered violent protests with a move to upgrade the official role of Russian, a sensitive issue opponents say will split the country. KIEV — Ukraine's ruling party has triggered violent protests with a move to upgrade the official role of Russian, a sensitive issue opponents say will split the country. A bill by President Viktor Yanukovych's Party of Regions rekindled an emotional debate. Russian is the mother tongue of most people...

Sistema, one of the country's largest conglomerates with assets ranging from oil to telecoms, is looking at a range of possible deals as it seeks to diversify into new business lines such as agriculture and infrastructure. Sistema, one of the country's largest conglomerates with assets ranging from oil to telecoms, is looking at a range of possible deals as it seeks to diversify into new business lines such as agriculture and infrastructure. "Opportunities...

An in-depth profile of Natural Resources and Environment Minister Sergei Donskoi by Russia's only daily English-language newspaper. 22 May 2012 Environmentalists responded with stoicism to the appointment of career oil man Sergei Donskoi as the new natural resources and environment minister. Donskoi, 43, comes with strong links to the oil and mining industries — he was responsible for geology as deputy natural resources and environment minister until a year ago when he left to head Rosgeologia...

An in-depth profile of Mikhail Abyzov, Open Government liaison and a Cabinet minister, by Russia's only daily English-language newspaper. 28 May 2012 Minister Mikhail Abyzov twice denied in a November interview that he would accept a government job. "I am not going to work as a public servant," he said in a Vedomosti interview. The reporter pressed on, only to receive another rejection of the idea that he could become a minister. "My friends know that the one thing I could do in...

The world's biggest aluminum producer RusAl posted an 84 percent drop in first-quarter net profit as prices fell, potentially fueling a shareholder row over the company's refusal to sell its stake in Norilsk Nickel. The world's biggest aluminum producer RusAl posted an 84 percent drop in first-quarter net profit as prices fell, potentially fueling a shareholder row over the company's refusal to sell its stake in Norilsk Nickel. RusAl also nominated Matthias Warnig...

Billionaire Mikhail Fridman resigned Monday as chief executive of TNK-BP, plunging the country's No. 3 oil firm deeper into crisis and challenging co-owner BP's grip on the business. Billionaire Mikhail Fridman resigned Monday as chief executive of TNK-BP, plunging the country's No. 3 oil firm deeper into crisis and challenging co-owner BP's grip on the business. His departure reflected a further breakdown in relations between the British oil major and the four Russian shareholders, led by Fridman...

Russia's richest man recognized the value of Facebook three years ago when he invested in the social-networking company and has now enjoyed a payday of about $1 billion, propelling him further ahead of Russia's oligarchs, who have largely stuck with oil and steel. Russia's richest man recognized the value of Facebook three years ago when he invested in the social-networking company and has now enjoyed a payday of about $1 billion, propelling him further ahead...

At a corner of this huge country, at the very edge of the world, the Kamchatka Peninsula juts 1,500 kilometers into the Pacific. PETROPAVLOVSK-KAMCHATSKY — At a corner of this huge country, at the very edge of the world, the Kamchatka Peninsula juts 1,500 kilometers into the Pacific. Petropavlovsk-Kamchatsky Population: 179,395 Main industries: Fishing, energy, mining, manufacturing Mayor: Vladimir Semchyov Founded in 1740 Interesting fact: Kamchatka’s...

One of the oldest cities in Siberia, Krasnoyarsk boasts sights like picturesque churches and fountains with dazzling night lighting. But none of them can compare to its main attraction — majestic Siberian nature. Krasnoyarsk Population: 990,600, according to the 2011 census. Its 1 millionth resident was born in early April. Acting mayor: Edkham Akbulatov Founded in 1628 as a military prison. Interesting fact: The major symbols of Krasnoyarsk — the Chapel of Paraskeva...