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In This List

Polymetal sells Sopka gold assets in Russia

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Polymetal sells Sopka gold assets in Russia

Polymetal International PLC sold its Sopka assets in Russia to a private local mining company for 800 million Russian rubles, or about US$10 million, in cash and a 1% net smelter returns royalty.

The mining assets sold include low-grade ore stockpiles from the Sopka, Dalneye and Oroch deposits as well as mining and exploration licenses for the Sopka, Dalneye and Irbychan deposits, all of which have been ring-fenced into Irbychan Gold LLC, a separate legal entity established to warehouse the noncore assets of the Omolon hub.

The company said March 26 that mining at the properties ceased in 2018.

Polymetal booked a US$28 million write-down on the Irbychan Gold assets in its 2019 financials.

As of March 25, US$1 was equivalent to 78.91 Russian rubles.