Russia’s Polymetal to sell Kapan field to Chaarat Gold for $55 mln

MOSCOW, Oct 30 (PRIME) -- Russian gold producer Polymetal International has agreed to sell the Kapan gold ore field in Armenia to Charaat Gold, which mines gold in Kyrgyzstan, for U.S. $55 million, Polymetal said in a statement on Tuesday.

“Polymetal International Plc has signed a legally binding agreement with Chaarat Gold Holdings Limited…to sell the Kapan mine in the Republic of Armenia for the remuneration totaling $55 million,” the statement read.

In September, Polymetal CEO Vitaly Nesis said that the company might sell some non-core assets, which are the Khakandzhinsky mine, the Maminskoye field, and Urals fields of platinum group metals, until the end of 2018.

The company also put up the Kapan and Kutyn fields for revision.

Under the NI 43-101 standard, indicated and inferred resources of the Kapan field were estimated at 15.9 million tonnes of ore with the content of about 1.4 million ounces of gold, 24 million ounces of silver, 80,000 tonnes of copper, and 270,000 tonnes of zinc as of December 31, 2014.

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