Polymetal says won Sovremenny prospect exploration and mining license |
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Thu, 18 Oct 2007 14:34
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LONDON (Thomson Financial) - JSC Polymetal, Russia's largest silver producer said it has won the auction for the exploration and mining license of the Sovremenny prospect located in the Krasnoyarsk Territory of Russia, through its subsidiary Penchenga Gold.Polymetal said its winning bid amounted to 26.4 mln roubles or 1.1 mln usd, and added the license covering the area of 390 sq km will expire 25 years after its issue later this year.The company said Sovremenny prospect is an important contribution to the proposed JV in the Krasnoyarsk territory with AngloGold Ashanti.'Its proximity to Veduga suggests the possibility of logistical, technological synergies, where we expect to further broaden our exploration portfolio in the months to come,' said Vitaly Nesis, CEO of Polymetal.tfn.newsdesk@thomson.compvi/ajbCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Polymetal plans to acquire major domestic gold mining asset - source 