PRESS: Polyus to sell 82.3% in Yakutia gold field to Kulakov

MOSCOW, Mar 17 (PRIME) -- Russian gold producer Polyus plans to sell its 82.3% stake in the Nezhdaninskoye gold deposit in the republic of Yakutia to businessman Ivan Kulakov, Kommersant business daily reported on Friday citing sources familiar with the situation.

The deal is valued at up to U.S. $150 million, and precious metals producer Polymetal, the minority shareholder of the deposit, will keep an option to raise its stake in the project to 50%.

Kulakov, ex-partner of Roman Abramovich at oil company Sibneft, could act on behalf of other investors or could buy the stake for a further resale, sources said.

The deposit’s C1+C2 gold reserves are estimated at 20.3 million ounces, or 632 tonnes, with gold content of 5.1 grams per tonne.

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