MINING WEEKLY | Russian gold mining company Polymetal on Friday announced a transaction to streamline the ownership structure of the Veduga deposit and aid in advancing project development.
Veduga, which is located in the Krasnoyarsk region of Russia, was on Polymetal’s chopping block until it last year doubled reserves to 2.8-million ounces of gold at an average grade of 4.6 g/t.
One of Russia’s largest banks, VTB, will buy out minorities by investing $71-million for a 40.6% stake in Veduga. Polymetal has a 59.4% ownership and has been granted a call option to acquire VTB's stake in the future.
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