The Russian steel and mining company Severstal has announced that it has acquired all outstanding in gold mining company Crew Gold Corporation which operates the LEFA Gold Mine in Guinea for $4.65 a share, and thus has became the 100 percent owner of the company.
Severstal began the acquisition of Crew Gold shares at the beginning of 2010, after Crew Gold had undertaken restructuring in response to financial difficulties. In June 2010, Severstal became the controlling shareholder in Crew Gold, and, after acquiring a further 43.21 percent stake, Severstal held 93.38 percent of Crew Gold shares.