Polymetal reached an agreement with Russia’s copper copper and gold mine
Polymetal International said on Monday that it replaced its Tarudin gold deposit in Russia with 85% of the Russian copper company's copper-gold mine assets in the eastern part of Tarudin, Kazakhstan.
Gold producer Polymetal said that the exchange of assets does not include any additional payments or delays in consideration. The transaction is expected to end in the second quarter but must obtain statutory approval and other conditions.
This swap provided synergies for both parties as it improved the logistics of existing processing facilities. The company said it plans to resume exploration of Tartudin’s eastern region in the first half of 2020 and complete its reserve estimates.