Poland’s richest man pans for gold in Afghanistan

Kulczyk Investments has become a partner of JP Morgan, an American banking corporation, and are set to purchase 50 percent of shares in Afghan Gold & Minerals, which holds a concession for gold digging in Afghanistan.

Kulczyk Investments first acquired a majority share package in Cetnar, which is itself run by Jan Kulczyk (pictured), while JP Morgan’s head of capital markets, Ian Hannam is the company’s deputy chairman.

With a 50 percent share in Afghan Gold & Minerals, Cetnar is to search for ore in the gold-bearing region of Qara Zaghan, which has estimated resources amounting to 2.5 million tonnes.

Even though financial details of the undertaking are being kept under wraps, it has been reported that as many as 200 geologists, protected by 200 heavily armed soldiers are already on the spot.

Meanwhile, the price of gold continues to soar. At the end of last week, a tonne of ore traded for over 40 million euro. (jb)

Source: Puls Biznesu