Polymetal Agrees to Buy Kazakh Gold Project for $618.5 M
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Polymetal International Plc, the gold and silver producer part-owned by Russian billionaire Alexander Nesis, agreed to buy the Kyzyl project in northeast Kazakhstan for $618.5 million to add 50 percent to its reserves.
Polymetal will pay $318.5 million in cash and issue $300 million in new shares for the Bakyrchik and Bolshevik gold deposits, the London-traded company said in a statement today. It is buying the assets from Sumeru Gold B.V. and Sumeru LLP. Polymetal will pay Sumeru a further amount of as much as $500 million if certain conditions are met over seven years, it said.