Russian precious metals group Polymetal International has terminated a joint venture after buying up the remaining 50% stake owned by South Africa-based AngloGold Ashanti for $20m.
The AngloGold Ashanti-Polymetal Strategic Alliance had interests in various companies, including Amikan Holding, which owns the Veduga gold deposit in the Krasnoyarsk region of Russia. These are now wholly owned by Polymetal.
"We are satisfied with consolidation of ownership of Veduga," said Polymetal's Chief Executive Officer Vitaly Nesis.
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"We believe this is the first step towards acceleration of development of this highly promising asset," he added.
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