Polymetal shareholders approved purchase of Kyzyl golden ore project in Kazakhstan
Edited by Rhod Mackenzie / 2014-08-14 03:02:10
Kazakhstan Metals and mining Russia Kazakhstan Metals and Mining Russia Metals and Mining Polymetal Gold
Polymetal shareholders have approved the purchase of the Kyzyl gold ore project in Kazakhstan. Earlier Polymetal agreed with the Canadian Sumeru Gold B.V. and Sumeru LLP, named jointly as Sumeru, about the purchase of the holding company of the Kyzyl golden ore project Altynalmas Gold Ltd (AAG). The transaction sum is $618.5 million. The major terms of the purchase include the initial reward at a rate of $318.5 million, issuing of the new Polymetal stocks for a sum of $300 million and delayed additional reward within the coordinated limit of up to $500 million. The transaction will be completed in Q4 2014.
