Polymetal Plc Acquires Gold Mine in Kapan

“Polymetal Plc”, which is the largest silver producing company in Russia and the leading gold producer, acquired a gold mine in Kapan with 25 million dollars. The purchase of the company’s second asset, which has an annual production of approximately 1 ton of gold, is scheduled to be completed in the second quarter. As reports, the company mentioned in a statement posted on its website.

“This asset has great potential,” “Polymetal Plc” Director General Vitaly Nesis said. Upon completion of the transaction the company will announce its short-term and long-term plans regarding the mine. “Dundee Precious Metals Inc” is the seller. The total amount of the asset purchase includes $ 10 million in cash, and issuance of $ 15 million dollars worth shares of “Polymetal Plc”. “Polymetal Plc” is conducting mining and geological explorations in four regions of Russia: Magadan and Sverdlovsk, Khabarovsk and Chukotka, as well as in Kazakhstan.