VTB Bank to invest $71 mln in Veduga gold proj, to acquire 40.6%

MOSCOW, Apr 17 (PRIME) -- Russia’s second largest lender VTB Bank will invest U.S. $71 million in the Veduga gold mining project in the Krasnoyarsk Region and receive 40.6% in the asset, precious metals producer Polymetal International said in a statement on Friday.

VTB will buy 25.7% in mining company Amikan, the owner of the license for the field, from minority shareholders for $36 million. The bank will also inject $35 million into Amikan’s charter capital to finance geological survey and development of the project.

Polymetal’s share in the project will amount to 59.4% after the deal, it will also receive an option to buy VTB’s stake.

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