Sanctioned billionaire transferred stake of a US$1.1 billion

Alexei Mordashov shifts control of Nord Gold stake 

Orea Comments on Media Reports of Sanctions on Nordgold Shareholder & said, Orea Mining reports that it is aware of media articles which state that Alexei Mordashov, an Oligarch often referenced as Russia’s richest person, has (a) been added to the list of persons sanctioned by the European Union in connection with Russia’s invasion of Ukraine, and (b) has transferred control of a US$1.1 billion stake in Nord Gold plc to his wife, Marina Aleksandrovna Mordashova. 

Prior to the share transfer, Alexei Mordashov was the beneficial controlling shareholder of Nordgold, the 55.01% owner of the Montagne d’Or project in French Guiana, France, of which Orea owns a 44.99% interest.  

At this time, it is not known what impact, if any, these events will have on Nordgold or its ability to continue its responsibilities under the shareholders’ agreement in place between Orea and Nordgold, relating to the Montagne d’Or project.  

Orea management is monitoring the situation closely and consulting with legal advisors.







 

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