Petropavlovsk sells its placer deposits in Kolyma for $25 million
Petropavlovsk Plc. has signed an agreement with Susumanzoloto Plc. (the Magadan Region) about selling its 76.62% in Berelekh Plc. dealing with the development of placer gold deposits in Kolyma, the gold mining company reports.
The amount of the transaction makes up $25 million. The company is going to obtain the approval of FAS and the shareholders. The funds obtained will be spent on the reduction of debt.