11th May 2020 11:12
(Alliance News) - Gold and silver producer Polymetal International PLC on Monday said it has sold its non-core North Kaluga property for a total transaction value of USD27 million.
North Kaluga is a polymetallic deposit located in the Sverdlovsk region of Russia. The property's mineral resources comprise copper, gold, zinc and silver, with most of the value attributable to copper and gold.
The mining company has entered into a binding agreement to sell the North Kaluga deposit to North Kaluga Mining Ltd. The sale consideration includes USD13.5 million in cash and debt assumption, plus royalty payments, which together represents a total transaction value of USD27 million.
"We continue to advance our non-core asset disposals. The North Kaluga deal brings us some cash and retains exposure to commodity prices", said Polymetal Chief Executive Vitaly Nesis.
Shares in Polymetal were down 0.2% at 1,646.50 pence each in London Monday morning.
By Tapan Panchal; [email protected]
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