A consortium led by China’s Fosun International plans to buy between 20 and 25 per cent in Russia’s top gold producer Polyus for up to US$2 billion, reported by Russian media, citing documents of a Russian-Chinese intergovernmental commission. Sources with knowledge of the matter told in November that Fosun was in exclusive talks to buy a large minority stake in Polyus.

The sides have reached consensus on the parameters of a deal. Both Polyus and Fosun declined to comment.

According to the documents, the Chinese side will have the right to sell a portion of Polyus’s gold production in line with the size of the stake which the consortium buys.