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Polymetal International

Polymetal sells 50% stake in Dolinnoye gold property to Altynalmas

Vitaly Nesis, Polymetal's CEO said: “Dolinnoye became manifestly non-core after Komar fully supplanted it as a source of ore for Varvara.”

Gold
The transaction is expected to close in the second quarter of 2018, and is subject to statutory approvals and other customary conditions

Polymetal International PLC (LON:POLY) has signed a binding agreement to sell its stake in the Dolinnoye gold property in Kazakhstan to the gold producer JSC AK Altynalmas.

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.

READ: Polymetal International PLC buys Glencore’s Kazach gold mine

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.

Quick facts: Polymetal International

Price: £11.16

Market: LSE
Market Cap: £5.25 billion
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