Polymetal buys 98 pct in Omolon Gold Mining from Kinross unit for 15 mln usd |
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Published
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Mon, 29 Oct 2007 08:40
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LONDON (Thomson Financial) - JSC Polymetal said it has agreed to buy a 98.1 pct stake in OAO Omolon Gold Mining Co from Kinam Magadan Gold Corp, a unit of Kinross Gold Corp, for 15 mln usd plus a variable royalty on future production from the Kubaka gold mine properties.It said Omolon's assets include full mine infrastructure, processing plant and 4 mining licenses in the east of Magadan region.Polymetal said it plans to re-start Omolon's Kubaka mine in 2011 with a run rate production of 150-250 Koz per year.The Kubaka mine produced 90.8 tons of gold between 1997 and 2005 when it was put on care and maintenance, the release said.TFN.newsdesk@thomson.comypv/slmCOPYRIGHTCopyright 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 