Polymetal acquires 100% in Tarutinsky copper field for $10 mln

MOSCOW, Jan 31 (PRIME) -- Polymetal International plc increased a stake in the Vostochny Bazis company, which holds a production license for the Tarutinsky copper field, to 100% from 75% for U.S.$10 million from Gerosena Trading Ltd, the company said in a statement on Tuesday.

The money is to be paid with the company’s 893,575 new shares -- so called “reward shares”, a 0.2% of extended registered capital in the form of common shares.

The field’s reserves will be estimated by October, production is projected for 2018. Initial investment in the deposit should not exceed U.S. $5 million, because Polymetal plans to use previously bought equipment.

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