26th Mar 2020 08:34
(Alliance News) - Russian gold miner Polymetal International PLC on Thursday announced the USD10 million sale of its Sopka assets.
Sopka is part of FTSE 100 Polymetal's Omolon hub in the Magadan region of Russia.
Polymetal said assets were moved into a new entity which has been sold to an unnamed private Russian miner. As well as the USD10 million, Polymetal will get a 1% net smelter return if the gold price exceeds USD1,500 per ounce, with royalties capped at USD50 million.
The assets include low-grade ore stockpiles from the Sopka, Dalneye, and Oroch deposits as well as licences for Sopka, Dalneye, and Irbychan.
Mining stopped at these assets in 2018, Polymetal added.
Shares in Polymetal were 2.0% lower on Thursday morning in London at 1,246.50 pence each.
By George Collard; [email protected]
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