26th Oct 2018 15:42
LONDON (Alliance News) - Mining company Polymetal International PLC on Friday confirmed it is in talks to sell its Armenian Kapan mine to Chaarat Gold Holdings Ltd.
This was confirmed in a separate announcement on Friday, by Chaarat. Both Chaarat and Polymetal International said they were responding to press speculation.
At the end of August, exploration firm Chaarat said that it had signed a non-binding term sheet to acquire a polymetalic asset in the Commonwealth of Independent States for USD75 million in cash but did not name the specific asset.
This has now been confirmed as Kapan Mining & Processing Co CJSC.
Shares in Polymetal International were down 0.8% at 717.00 pence on Friday afternoon. Shares in Chaarat Gold are suspended as the deal is considered a reverse takeover.
Related Shares:
CGH.LPOLY.L