Polymetal sells Sopka assets

Thu, 26th Mar 2020

Polymetal has sold Sopka assets for RUB800m in a deal that sees the assets ring-fenced into Irbychan Gold"), a separate legal entity established to warehouse non-core assets of the Omolon hub. These assets include low-grade ore stockpiles from Sopka, Dalneye and Oroch deposits as well as mining and exploration licenses for Sopka, Dalneye, and Irbychan deposits. Mining at the properties ceased in 2018. All of the remaining high-grade ore has been trucked to Kubaka mill for subsequent processing. The transaction consideration comprises of RUB 800 million fixed upfront cash payment (US$ 10m at the RUB/USD exchange rate as of the date of closing) and 1% annual NSR payable if gold price exceeds US$ 1,500/oz. The royalty proceeds are capped at US$50m in rouble equivalent. Story provided by StockMarketWire.com

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