Polymetal acquires Elmus exploration property in Karelia
Friday, 27 May 2011 09:42
JSC "Polymetal" announces that it has acquired a 100% interest in a company holding the hard-rock gold exploration and mining licence for Elmus property.
The total enterprise value of the Transaction (comprising consideration payable in cash for the 100% interest in the acquired company and for the debt of the acquired company assigned to Polymetal) is approximately 33 million roubles, or US$1.2 million (on the basis of the Bank of Russia exchange rate as of May 27, 2011).
The licence area covers 188 square kilometers in the Republic of Karelia (the North-West of Russia) and is located approximately 45 kilometers from the city of Medvezhiegorsk and 490 kilometers from St. Petersburg. The license expires on April 30, 2033.
