The FTSE 250-listed precious metal producer said it currently has a 50% holding in the Dolinnoye property, with the remaining 50% owned by Dolfinflip Co Limited.
Under the agreement, each party has agreed to transfer their respective 50% interests in Aktogai Mys, the licence and contract holder for the Dolinnoye, to Altynalmas.
Polymetal said the consideration receivable by each of the sellers will be equal to 50% of US$33.5mln, subject to certain working capital adjustments.
The transaction is expected to close in the second quarter of 2018 and is subject to statutory approvals and other customary conditions.
Vitaly Nesis, Polymetal's CEO said: “Dolinnoye became manifestly non-core after Komar fully supplanted it as a source of ore for Varvara.”
He added: “We will continue to consider other steps to optimise our asset portfolio to focus on high margin long-life assets.”
In the early morning trade, Polymetal's shares were up 0.08% at 793p.