Polymetal Int intends to become the sole owner of the Prognoz silver deposits in the Republic of Sakha (Yakutia) by purchasing another 50% in the project.
According to Polymetal chief executive director Vitaly Nesis, the deal could be struck in Q2.
On April 13 the company announced the finalization of the deal to buy 45% share in Prognoz from Polar Acquisition Limited. As the result of the deal, the share of Polymetal reached 50%.
The other 50% are controlled by individuals.
The Prognoz resources are estimated at 292 million ounces (15.5 million tons) of silver with the contents of 586 g per ton. (Ukrainian metal)