12th Sep 2014 06:41
LONDON (Alliance News) - Polymetal International PLC Friday said it has acquired all of the North Kaluga deposit in the Sverdlovsk region of Russia following the restructuring of the Ural-Polymetal joint venture.
Under the terms of the restructuring, the Ural-Polymetal joint venture was dissolved, with the assets and liabilities held by the unit distributed to the joint venture partners.
Polymetal, which owned a 49.99% stake in the joint venture, will take a 100% interest in the North Kaluga deposit as part of the restructuring and will assume GBP20 million in debt.
The other assets and liabilities in the joint venture have been distributed to the other partners, Valentorskiy Rudnik LLC and Kuzmichev VV.
"We continue to invest in assets that can provide high-grade life-of-mine extensions to our operating mines," said Polymetal Chief Executive Vitaly Nesis.
By Sam Unsted; [email protected]; @SamUAtAlliance
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