Polymetal International PLC Transaction on Nezhda announced by Polyus (0425A)
March 21 2017 - 3:35AM
UK Regulatory
TIDMPOLY
RNS Number : 0425A
Polymetal International PLC
21 March 2017
Release IMMEDIATE
time
Date 21 March 2017
Polymetal International plc
Statement regarding transaction on Nezhda announced by
Polyus
Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY)
(together with its subsidiaries - "Polymetal", the "Company", or
the "Group") notes the transaction announced today by PJSC Polyus
("Polyus").
In December 2015, Polymetal entered into a joint venture with
Polyus for the development of the Nezhdaninskoye gold property
("Nezhda"). Polymetal currently owns an 18% stake in Nezhda and has
the right to earn in up to a total of 50% through investing an
additional US$ 69 million over the next four years by entering into
Stage 2 of the joint venture arrangement which was scheduled for
April 2017.
Polymetal notes the announcement today by Polyus that they have
signed an agreement to sell their entire 82% stake in Nezhda to a
company beneficially controlled by Mr. Ivan Kulakov, a former
managing director of Highland Gold Mining. As a result, Mr. Kulakov
has become the counterparty to the joint venture, replacing Polyus,
while the key terms of the joint venture operation and the earn-in
mechanism for Polymetal remain unchanged. Polymetal retains an 18%
stake in the project and continues to be in charge of operational
activities at Nezhda.
In light of the ownership change, the parties have agreed that
Polymetal's option to enter into Stage 2 will be extended for a
further three months, until July 2017. Polymetal has also initiated
discussions with Mr. Kulakov with regards to the joint development
of Nezhda. In the meantime, Polymetal will continue exploration and
technical works at Nezhda in accordance with the project
schedule.
"We welcome Mr. Kulakov as our new joint venture partner for
Nezhda, and we continue to view our investment in this asset as a
potential valuable addition to Polymetal's longer-term growth
pipeline", said Vitaly Nesis, Group CEO of Polymetal.
Enquiries
Media Investor Relations
----------------- ------------------ ----------------------------------------------------
FTI Consulting +44 20 3727 1000 Polymetal ir@polymetalinternational.com
Leonid Fink Maxim Nazimok
Jenny Payne Evgenia Onuschenko +7 812 313 5964 (Russia)
Maryana Nesis +44 20 7016 9503 (UK)
----------------- ------------------ -------------------- ------------------------------
Joint Corporate Brokers
------------------------------------- ----------------------------------------------------
Morgan Stanley
Sam McLennan
Richard Brown +44 20 7425 8000
Panmure Gordon RBC Europe Limited
Adam James Tristan Lovegrove
Tom Salvesen +44 20 7886 2500 Marcus Jackson +44 20 7653 4000
----------------- ------------------ -------------------- ------------------------------
FORWARD-LOOKING STATEMENTS
THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED
TO BE, "FORWARD-LOOKING STATEMENTS". THESE FORWARD-LOOKING
STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS RELEASE. THESE
FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF
FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS "TARGETS",
"BELIEVES", "EXPECTS", "AIMS", "INTENDS", "WILL", "MAY",
"ANTICIPATES", "WOULD", "COULD" OR "SHOULD" OR SIMILAR EXPRESSIONS
OR, IN EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY
DISCUSSION OF STRATEGIES, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS
OR INTENTIONS. THESE FORWARD-LOOKING STATEMENTS ALL INCLUDE MATTERS
THAT ARE NOT HISTORICAL FACTS. BY THEIR NATURE, SUCH
FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS,
UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY'S
CONTROL THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR
ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM FUTURE
RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH
FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS ARE
BASED ON NUMEROUS ASSUMPTIONS REGARDING THE COMPANY'S PRESENT AND
FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN WHICH THE COMPANY
WILL OPERATE IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT
GUARANTEES OF FUTURE PERFORMANCE. THERE ARE MANY FACTORS THAT COULD
CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO
DIFFER MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING
STATEMENTS. THE COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR
UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY
FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE
IN THE COMPANY'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN
EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS
ARE BASED.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCPGUWWWUPMUMG
(END) Dow Jones Newswires
March 21, 2017 03:35 ET (07:35 GMT)
Polymetal (LSE:POLY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Polymetal (LSE:POLY)
Historical Stock Chart
From Apr 2023 to Apr 2024