Polymetal International has completed the acquisition of 100 per cent of Olymp, a Russian legal entity holding the mining and exploration licence for the Olcha gold-silver deposit.
Polymetal acquired the deposit together with all inter-company debt owed by Olymp in exchange for 775,000 ordinary shares in Polymetal.
The mining and exploration licence covers an area of 2.5 square kilometers in the Srednekansk district of the Magadan Region in Russia and is located approximately 215km from the Lunnoye processing plant and 230km from the Kubaka processing plant, which belong to Polymetal's Dukat and Omolon processing hubs, respectively.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The new shares are expected to be admitted to trading on the London Stock Exchange on January 25th 2013.
Polymetal's share price was up 3.87% to 1,100p at 13:28 on Thursday afternoon.
MF
-
Digital Services Tax: will Reeves let big tech off lightly to avoid tariffs?Rumours are circulating that the Digital Services Tax on big tech companies could be cut as Rachel Reeves seeks to appeal to president Trump
-
Rachel Reeves set to increase penalties for filing tax returns lateThe Chancellor will announce hikes to penalties for late tax returns in her Spring Statement as she scrambles to raise an extra £1 billion a year. Here’s what you need to know
