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Polymetal sold the Svetlobor platinum project for $ 5.5 million

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Polymetal sold the Svetlobor platinum project for $ 5.5 million
November 08
09:00 2018

Polymetal, a Russian mining company, has sold the Svetlobor platinum mining project to Russian buyers. The deal has amounted to $ 5.5 million.

Polymetal bought Svetlobor 5 years ago for $ 9.7 million. Later, its cost was estimated at $ 4 million, since geological exploration did not produce any special results. The sale of the property will bring a profit of 4.8 million US dollars.

According to Vitaly Nesis (SEO of Polymetal), Svetlobor did not meet the company’s strategy. Despite this, among the company’s assets one can find another platinum mining project – Viksha. This is a large field that will be developed in an open way.

Before the sale of Svetlobor, its potential was estimated at 1.9 million ounces of the precious metal.

Polymetal is engaged in the production of silver and actively mines gold. The company’s enterprises are located in several regions of Russia and abroad. Polymetal assets are listed on the London and Moscow stock exchanges. The half of the company’s shares is in free circulation.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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