Russian gold producer Polymetal International has signed an agreement with Russian Copper Company to exchange the Tarutinskoye field in Russia for 85% in the East Tarutinskoye field in Kazakhstan, Polymetal said in a statement on April 16.
“As a result of the transaction, Polymetal will receive 85% of LLP Tarutinskoye, the license holder for the copper-gold East Tarutinskoye deposit located in Kazakhstan. In return, Polymetal will transfer 100% of Vostochny Basis LLC, the license holder for the copper-gold Tarutin deposit located in the Russian Federation,” the company said.
The deal is an asset swap, and it encompasses no additional payments. Polymetal plans to close the deal in April-June, and the deal is “subject to statutory approvals and other customary condition,” the company said. (Prime/Ukrainian metal)