Vladimir Iorich: he’s felt the junior market’s sting too
Russian billionaire Vladimir Iorich keeps a low profile, but has shown he’s ready to play for high stakes – as some shareholders in mining companies he covets have discovered. It’s been a busy year for Pala, his investment arm, which has been named in a lawsuit between two copper companies and is attempting, on another front, to purchase $24.5 million worth of assets for $19 million.
The mining tycoon made his fortune in coal and steel after the breakup of the Soviet Union, and was chief executive officer of Mechel when the Russian metals and mining giant listed on the New York Stock Exchange in 2004. Two years later, Iorich sold his stake in Mechel to company chairman Igor Zyuzin and turned his attention to junior mining companies.
In recent years, through his Zug, Switzerland-based Pala investment companies, Iorich has spent hundreds of millions of dollars building major stakes in miners producing and exploration companies searching for gold, copper and potash around the world – including Capstone Mining, Nevada Copper and Alacer Gold. His stake in Alacer Gold is worth about $250 million and in Nevada Copper, $120 million.
For a major player in the mining world, Iorich remains a mysterious figure.