Russia’s Capital Group purchases Georgian gold mining companies

Capital Group, a Russian developer, has purchased Georgia’s Madneuli and Kvartsit gold mines for $120 million, Georgia Online reports.

$10 million has been invested in geological work. Additional investments will be provided for modernization of machinery and infrastructure. Environmental protection is a priority.

The staff of the two gold mining companies will keep their jobs. About 2000 people are working for the companies.

Capital Group is the owner of NevaRus, a company operating in Armenia. The company purchased a license for resource extraction in Georgia for about $125 million in 2011 and 2012.