LONDON (ShareCast) - Roman Abramovich, the billionaire owner of Chelsea football club, has strengthened his grip on Russia-focused miner Highland Gold with the acquisition of 1.5m shares from its former managing director Ivan Koulakov.

Now a non-executive, Koulakov sold the shares at 167p to persons connected to Millhouse LLC, Ambramovich's investment vehicle, netting some £2.5m. The sale reduces Koulakov's stake in Highland to 18.87m shares or 5.8%.

Millhouse paid $400m for a 40% stake in Aim-listed Highland last year. It owns a string of projects in Russia, including the Mayskoye deposit in Chukotka, the north east region of Russia where Abramovich used to be governor.

Highland Gold recently announced it is proceeding with the development of the Mayskoye project following a review of a feasibility study. At full production levels Mayskoye is anticipated to produce between 250,000 and 275,000 oz of gold per year, over a mine life of greater than 12 years from 2010.

Barrick Gold of Canada is also a major shareholder in Highland with a 20.4% stake.

Top Director Buys

Blackstar Investors (BLCK)
Director name: Mr John Mills
Amount purchased: 550,000 @ 75.00p
Value: £412,500

Afren (AFR)
Director name: Mr Egbert Imomoh
Amount purchased: 108,073 @ 115.00p
Value: £124,284

Blackstar Investors (BLCK)
Director name: Mr Andrew Bonamour
Amount purchased: 125,000 @ 75.00p
Value: £93,750

Blackstar Investors (BLCK)
Director name: Mr Julian Treger
Amount purchased: 100,000 @ 75.00p
Value: £75,000

Atkins (WS) (ATK)
Director name: Mr Keith Clarke
Amount purchased: 4,500 @ 888.60p
Value: £39,987

Immedia Broadcasting (IME)
Director name: Mr Geoff Howard-Spink
Amount purchased: 400,000 @ 9.50p
Value: £38,000

Blackstar Investors (BLCK)
Director name: Mr Wolfgang Baertz
Amount purchased: 50,000 @ 75.00p
Value: £37,500

Gemfields Resources (GEM)
Director name: Mr Sean Gilbertson
Amount purchased: 100,000 @ 33.40p
Value: £33,400

New Star Financial Opp Fund Ld (NST)
Director name: Mr Martyn Chambers
Amount purchased: 40,000 @ 59.00p
Value: £23,600

African Eagle Resources (AFE)
Director name: Mr Euan Worthington
Amount purchased: 450,000 @ 5.20p
Value: £23,400

Top Director Sells

Highland Gold Mining (HGM)
Director name: Mr Ivan Koulakov
Amount sold: 1,500,000 @ 167.00p
Value: £2,505,000

• News Channel