21 April 2004 00:01
Family fortunes
THE Fleming family, which made billions from the sale of its investment bank to JPMorgan, is well on the way to a
second fortune through its 30pc stake in Highland Gold Mining.
The Russian explorer, floated at 190p in December 2002, closed at 295p valuing it at GBP354m and giving the Flemings
a paper profit of GBP40m in 16 months.
Highland aims to raise its output from 194,000 ounces of gold last year to 235,000 in 2004 and 575,000 by 2006. Net
2003 profits were $18m (GBP10m) with dividends of three US cents (1.7p). Canadian giant Barrick Gold holds 17 pc.
Highland chairman Peter Daresbury believes political risk in Russia is falling. He is keen on more acquisitions and
hopes for a role in exploiting Sukhoi Log, one of the biggest deposits in the world.
[Daily Mail] |
RUSSIA IN FACTS
