KazakhGold Group Ltd. (KZG.LN) of Kazakhstan, controlled by Russian gold producer OAO Polyus Gold (PLZL.RS), said Friday it may sell the operating arm of the company to its former shareholders.

KazakhGold said it is in talks with Assaubayev family and "other parties regarding possible alternatives for the settlement of all claims and actions between KazakhGold and the Assaubayev family."

The company didn't disclose the price, but a person familiar with the matter told Dow Jones Newswires that it may be "above $300 million".

-By Alexander Kolyandr, Dow Jones Newswires; +7 495 232 9192; Alexander.Kolyandr@dowjones.com
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