Usmanov created a company to invest in gold

Alisher Usmanov and partners set up a gold mining company called USM Gold which has already included an exploration company in Khakassia.

USM includes “Металлоинвест”, Russia's largest iron ore producer, and “Удоканская медь”, which is developing the Udokan copper deposit in the Trans-Baikal Territory. The holding has not been involved in gold mining before.

So far, the only asset of the new company is “Федоровское” LLC with a license for exploration (USM Gold has 75%, another 25% belongs to the state holding «Росгеология»). «Росгеология» received an exploration license for the Fedorovsko-Kedrovskaya gold mining area in Khakassia in the summer of 2021, Interfax wrote. And then then the holding attracted the USM structure to this project (through Федоровское LLC). Representatives of USM and «Росгеология» declined to comment.