27 May 2011 17:06

Polymetal buys gold license for 33 mln rubles

MOSCOW. May 27 (Interfax) - Polymetal has acquired a 100% interest in a company holding the hard-rock gold exploration and mining license for the Elmus property, the company said in a statement.

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 rubles, or $1.2 million.

The license 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.