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EastRussia Bulletin: Polymetal Acquires Control over Nezhdaninsky Field - EastRussia | Far East

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EastRussia Bulletin: Polymetal Acquired Control over Nezhdaninsky Mine

EastRussia Bulletin: Polymetal Acquired Control over Nezhdaninsky Mine
Photo: EastRussia

In the mining industry, the main events of the past week were gold mining. Amethystvoe JSC in Kamchatka expands the mineral resource base by acquiring a new asset, there is an increase in gold production in Buryatia, and a deal to acquire the Nezhdaninsky deposit in Yakutia with Polymetal is completed, the next issue of the EastRussia bulletin says.

Amethystvoe JSC (included in the “Gold of Kamchatka” of the Renova Group of Vekselberg) during the bidding acquired a new piece of ore gold and silver “Oriole” with a total area of ​​206,38 square. km in Penzhinsky district of the Kamchatka Territory. Predicted resources for this site in the P2 category are nine tons of gold and 3,5 thousand tons of silver, in the P3 category - 1,275 tons of gold and 252,4 tons of silver. The lease term of the plot is 20 years. The company expects to increase production, which in turn will reduce social tensions that have arisen against the background of a gradual depletion of the developed areas.

It also became known that in January-October this year 4 756,3 kg of gold - 2 806,9 kg of ore and 1 949,4 kg of placer were produced in Buryatia. Most of the mining of precious metal in the republic was provided by PJSC "Buryatzoloto" (Nordgold Mordashov structure) at the Zun-Kholbinskoye and Irokindinskoe deposits, as well as with the Zapadnaya prostel Mine LLC (Zapadnaya mine) at the Kedrovoe deposit. The largest miners of alluvial gold in the region are LLC “Artel prospectors“ Sininda-1 ”(PJSC“ Seligdar ”), as well as LLC“ Priisk Tsipikansky ”, LLC“ Constable artel “Kurba” and LLC “Artel miners" Sever ”.

In addition, Polymetal International plc, the head company of the Polymetal Group of Nesis, announced the completion of a deal to acquire the remaining 82,3% stake in the project for the development of the Nezhdaninsky gold deposit in Yakutia. 75,3% Polymetal acquires for 144 million US dollars, of which ten million US dollars are paid in cash, and 134 million US dollars - in the form of 13,486 million new ordinary shares of the company. This is 2,9% of Polymetal's increased share capital. Another 7% is acquired for a cash consideration of 8 million USD. The total remuneration paid for 100% in Nezhdaninsky remuneration amounted to 185 million USD.

Completion of the transaction allows you to start building an enterprise at the field in March 2019. Start of production is scheduled for 2021 year, and the output at design capacity - on 2022 year. Detailed analytics on this and other relevant topics can be found in EastRussia Weekly Newsletter.