28th Sep 2018 09:42
LONDON (Alliance News) - Polymetal International PLC said Friday it has the acquired remaining 20% stake in the Saum polymetallic deposit located in Russia's Sverdlovsk region for USD7 million in shares.
The company has bought the stake in Saum Mining Co LLC, the licence holder for the Saum polymetallic deposit, which has resources of 435,000 ounces of gold equivalent to a grade of 9.7 grammes of gold per tonne of ore.
The company will issue 834,055 new ordinary shares to buy the 20% stake in the gold project.
Polymetal plans to prepare an initial reserve estimate for Saum in the first quarter of 2019. Oxide ore mining activities are expected to commence in second half of 2020.
Shares in the gold producer were trading 0.9% higher at 627.40 pence each.
Related Shares:
POLY.L