Polymetal International PLC Sale of Svetlobor platinum property (7490G)
08 November 2018 - 6:01PM
UK Regulatory
TIDMPOLY
RNS Number : 7490G
Polymetal International PLC
08 November 2018
Release time IMMEDIATE LSE, MOEX: POLY / ADR: AUCOY
Date 8 November 2018
Polymetal International plc
Polymetal sells Svetlobor platinum property
Polymetal International plc has sold its 100% interest in the
Svetlobor platinum exploration project to a group of unrelated
private Russian buyers for US$ 5.5 million in cash.
"Svetlobor lacks scale and consequently does not fit our
strategy", said Vitaly Nesis, Group CEO of Polymetal. "The Company
retains significant exposure to PGMs through the large open-pit
Viksha project."
Polymetal acquired Svetlobor in 2013 for US$ 9.7 million in
stock and subsequently wrote its carrying value down to US$ 4.0
million on the back of modest exploration results.
The transaction is expected to result in a US$ 4.8 million
accounting profit for the Company. The proceeds will be used to
reduce debt.
About Polymetal
Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY)
(together with its subsidiaries - "Polymetal", the "Company", or
the "Group") is a top-20 global gold producer and top-5 global
silver producer with assets in Russia, Kazakhstan and Armenia. The
Company combines strong growth with a robust dividend yield.
Enquiries
Media Investor Relations
------------------ ----------------------------------------------------
FTI Consulting +44 20 3727 1000 Polymetal ir@polymetalinternational.com
Leonid Fink Eugenia Onuschenko +44 20 7016 9505 (UK)
Viktor Pomichal Maryana Nesis
Michael Vasiliev +7 812 334 3666 (Russia)
------------------ ------------------ -------------------- ------------------------------
Joint Corporate Brokers
-------------------------------------- ----------------------------------------------------
Morgan Stanley
Andrew Foster
Richard Brown +44 20 7425 8000
Panmure Gordon RBC Europe Limited
James Stearns Tristan Lovegrove
Atholl Tweedie +44 20 7886 2500 Marcus Jackson +44 20 7653 4000
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November 08, 2018 02:01 ET (07:01 GMT)
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