Polymetal International plc sells Kapan ore deposit for $55 million
31.10.2018,
11:47
Polymetal International plc has sealed a legally binding agreement with Chaarat Gold Holdings Limited to sell Armenia’s ore deposit in Kapan to the latter for $55 million, the company’s press office reports.
YEREVAN, October 31. /ARKA/. Polymetal International plc has sealed a legally binding agreement with Chaarat Gold Holdings Limited to sell Armenia’s ore deposit in Kapan to the latter for $55 million, the company’s press office reports.
Polymetal Group CEO Vitaly Nesis is quoted in the press release as saying that the sale of Kapan is a step toward reduction of the Polymetal’s assets for concentration on large long-term projects.
In his words, the deal will bring immediate benefits lessening expenses and debt burden.
He thanked the Kapan team for its work and wished it success.
The deal formalization is expected to be completed in the first quarter of 2019, no later than February 15.
Kapan is the smallest and the most money-consuming deposit in Polymetal Company’s portfolio.
Polymetal bought Kapan in April 2016 for $38 million. The company intends to use the financial resources it will receive from the sale to lessen the debt.
The Kapan property is located in south eastern Armenia, 199 miles from the capital Yerevan.
The asset comprises a fully mechanized underground mine with a current capacity of 400 kilotons per annum, a conventional 750 kilotons per annum flotation concentrator and various infrastructure facilities.
The mine produces gold-copper-silver and zinc concentrate sold to international markets. -0--
Polymetal Group CEO Vitaly Nesis is quoted in the press release as saying that the sale of Kapan is a step toward reduction of the Polymetal’s assets for concentration on large long-term projects.
In his words, the deal will bring immediate benefits lessening expenses and debt burden.
He thanked the Kapan team for its work and wished it success.
The deal formalization is expected to be completed in the first quarter of 2019, no later than February 15.
Kapan is the smallest and the most money-consuming deposit in Polymetal Company’s portfolio.
Polymetal bought Kapan in April 2016 for $38 million. The company intends to use the financial resources it will receive from the sale to lessen the debt.
The Kapan property is located in south eastern Armenia, 199 miles from the capital Yerevan.
The asset comprises a fully mechanized underground mine with a current capacity of 400 kilotons per annum, a conventional 750 kilotons per annum flotation concentrator and various infrastructure facilities.
The mine produces gold-copper-silver and zinc concentrate sold to international markets. -0--
