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Abramovich goes for gold in UK mining

Millhouse Capital, owned by Russian tycoon Roman Abramovich, is buying a 40% stake in British-owned Highland Gold Mining, for around $US 200 million.

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.