17th Sep 2013 15:05
LONDON (Alliance News) - Petropavlovsk PLC said Tuesday that it had agreed to sell its entire 76.62% interest in OJSC Berelekh to OJSC Susumanzoloto for USD25 million.
OJSC Berelekh holds licenses to mine and explore alluvial operations, its operations are located in the Magadan region of Russia. For 2012 its total annual production was 52,500 ounces, around 57% of Petropavlovsk's total alluvial gold production.
The company said that due to the timing of the transaction this will not have a material effect on its 2013 production target.
Shares in the gold producer were trading up 0.36 pence at 75.36 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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