Polyus to buy further 25 pct of Sukhoi Log gold deposit
11/07/2017 19:37
MOSCOW, July 11 (Reuters) - Russia's largest gold producer
Polyus is buying an additional 25.1 percent in Sukhoi Log, one
of the world's largest untapped gold deposits, in an all-share
deal worth $145.9 million, the company said on Tuesday.
Polyus will pay state-owned Russian conglomerate Rostec in
five tranches of its shares within the next five years. The
first is expected to be in the form of existing Polyus treasury
shares worth about $21.9 million within 30 business days from
July 11, it said.
The company had said in January that its joint venture with
Rostec would need three to four years to conduct additional
exploration works and a feasibility study. Sukhoi Log's reserves
were estimated in the Soviet era at 1,943 tonnes (62.5 million
troy ounces) of gold. urn:newsml:reuters.com:*:nL5N1FG23A
(Reporting by Polina Devitt; Writing by Denis Pinchuk; Editing
by David Goodman)
((denis.pinchuk@thomsonreuters.com; +74957751242;))
Keywords: RUSSIA POLYUS/GOLD