Polymetal International PLC Polymetal and RCC complete exchange of assets (9431K)
December 19 2018 - 2:00AM
UK Regulatory
TIDMPOLY
RNS Number : 9431K
Polymetal International PLC
19 December 2018
Release time IMMEDIATE LSE, MOEX: POLY / ADR: AUCOY
Date 19 December 2018
Polymetal International plc
Polymetal and Russian Copper Company complete exchange of
assets
Polymetal International plc completed the non-cash exchange of
its Tarutin property in Russia for 85% of the East Tarutin property
in Kazakhstan, previously announced on 16 April 2018.
"East Tarutin is a natural fit for Varvara and will simplify
operations by avoiding complications of cross-border ore shipments"
- said Vitaly Nesis, Group CEO of Polymetal.
Following the receipt of all regulatory approvals, Polymetal
received 85% of LLP Tarutinskoye, the subsoil contract holder for
the copper-gold East Tarutin deposit located in Kazakhstan. In
return, Polymetal transferred to the Russian Copper Company 100% of
Vostochny Basis LLC, the license holder for the copper-gold Tarutin
deposit located in the Russian Federation.
INFORMATION ON THE ASSET
The East Tarutin licence area (66.4 km(2) ) is situated in the
Karabalyk municipal district of the Kostanay region and forms the
eastern extension of the mineralised trend stretching across the
border between Russia and Kazakhstan. The deposit is of the
copper-gold skarn type with disseminated mineralisation. The
infrastructure in the region is well developed with easy access to
the electricity grid, the railway and paved highways.
The transaction is synergistic for Polymetal due to the improved
logistical fit of the property with the Varvara processing plant.
Consequently, ore haulage distance is reduced to 110 km compared to
150 km for Tarutin on the other side of the border.
Polymetal plans to resume exploration at East Tarutin and
complete a JORC-compliant Mineral Resource estimate by the end of
2019.
About Polymetal
Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY)
(together with its subsidiaries - "Polymetal", the "Company", or
the "Group") is a top-20 global gold producer and top-5 global
silver producer with assets in Russia, Kazakhstan and Armenia. The
Company combines strong growth with a robust dividend yield.
Enquiries
Media Investor Relations
------------------ ----------------------------------------------------
FTI Consulting +44 20 3727 1000 Polymetal ir@polymetalinternational.com
Leonid Fink Eugenia Onuschenko +44 20 7016 9505 (UK)
Viktor Pomichal Michael Vasiliev +7 812 334 3666 (Russia)
------------------ ------------------ -------------------- ------------------------------
Joint Corporate Brokers
-------------------------------------- ----------------------------------------------------
Morgan Stanley
Andrew Foster
Richard Brown +44 20 7425 8000
Panmure Gordon RBC Europe Limited
Charles Lesser Tristan Lovegrove
James Stearns +44 20 7886 2500 Marcus Jackson +44 20 7653 4000
------------------ ------------------ -------------------- ------------------------------
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ARE BASED
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END
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