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EBRD Buys GV Gold Stake

The European Bank for Reconstruction and Development bought 5.26 percent of Vysochaishy, a gold producer known as GV Gold, for 1.53 billion rubles ($53 million), valuing the company at about $1 billion.

Raiffeisen Bank International acted as the financial adviser on the deal, GV Gold said Wednesday.

The producer increased gold output 37 percent in the first half to 1.87 tons from a year earlier, GV Gold said. It will use the proceeds for expansion.

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