Polymetal completes acquisition of Svetlobor platinum project

FTSE 100-listed metals giant Polymetal International has completed the acquisition of the Svetlobor platinum exploration project, an update issued on Friday has shown.

Together with its subsidiaries, including JSC Polymetal, the group said that it had received relevant regulatory approval and had completed the acquisition of the remaining 75.01% of CJSC Nevyansk Group which it did not already own.

CJSC Nevyansk Group's wholly-owned subsidiary holds platinum mining and exploration licences in the Svetlobor area.

Polymetal said that it had acquired the stake from CJSC VTB Capital for $6.9m in cash plus interest from the date of CJSC VTB Capital's acquisition at the rate of 7.25% per annum equalling approximately $0.2m.

MF