Russia’s Capital Group Buys GeoProMining’s Assets in Georgia

Russian businessmen Dmitry Korzhev and Dmitry Troitsky, bought copper ore and gold mines in the former Soviet republic of Georgia from GeoProMining Ltd., for $120 million, said a spokeswoman for the units that were sold.

The two businessmen bought GeoProMining’s AO Madneuli and OOO Kvartsit units through their company Capital Group, Tamuna Liluashvili, the units’ spokeswoman, said by phone today in Tbilisi, the capital of Georgia.

Capital Group has already invested as much as $10 million and appointed a new general director, Liluashvili said. The mining companies employ 2,000 people, she said.

To contact the reporter on this story: Helena Bedwell in Tbilisi at hbedwell@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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