Bulgarian mining & processing company Kaolin has signed a deal to buy 51% of a Ukrainian quartz mine for an undisclosed sum, the company said on 14 June 2007. The Ukrainian quartz mine made a profit of US$ 600,000 for 2006, Kaolin said in a statement. The capital of the Ukrainian mine will be increased after the deal is finalised and the funds raised will be used to build a silica sand plant, Kaolin said without giving details. Kaolin supervisory board chairman Konstantin Nenov has said the purchase of the Ukrainian quartz mine was part of the company's strategy for a broader expansion in the Black Sea region and the former Soviet republics. Kaolin sold 4.58M shares at USD 9.18/EUR 6.90 each in an initial public offering in April 2007. It will use the funds to finance new acquisitions & investments in the Balkans & elsewhere in eastern Europe.
