4th Apr 2016 06:10
LONDON (Alliance News) - Polymetal International PLC on Monday said it has reached a binding agreement with a subsidiary of multi-commodities miner and trading house Glencore PLC to acquire Orion Minerals LLP, the holding company for the Komarovskoye gold deposit in Kazakhstan.
FTSE 250-listed Polymetal will pay USD100.0 million in cash to Kazzinc Ltd, a Glencore-owned business, to buy the site. Kazzinc also will receive a deferred consideration linked to future production from the deposit.
Komarovskoye is located in north-western Kazakhstan, around 187 kilometres from Polymetal's Varvarinskoye mine. The site comprises and open pit mine and heap leach facility with grid power available on the site.
Over 200,000 ounces of gold have been produced at the site since 2006.
By Sam Unsted; [email protected]; @SamUAtAlliance
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