Abramovich goes for gold in UK mining
Highland says Millhouse is buying just over 65 million shares at £1.51 each.
The deal will be done in two stages: the first by December 11 and the second after a subsequent EGM (extraordinary general meeting).
It will be the second major gold mining acquisition by a Russian in the past few months.
Severstal is in the process of buying out Ireland's Celtic Resources, after it made a $US 364 million offer in November.