CFO: UGC not to buy key Russian assets of Polymetal

MOSCOW, Nov 10 (PRIME) -- Gold producer Uzhuralzoloto Group of Companies (UGC) has no plans to buy the key Russian assets of Polymetal because of the current gold prices, CFO Artyom Klyotskin said at a video conference on Friday.

"We have no plans to buy now. Besides the price of gold is quite high, in an ideal world you should have bought that when the price of gold was at U.S. $1,400–1,500 per ounce, that was 5-6 years ago," the executive said.

UGC has no plans to sign significant merger and acquisition deals, Klyotskin said.

The CFO also said that the company planned to rise to one of Russia’s top three gold producers by 2026 from the current fourth position.

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