Gold and silver mining company Polymetal International Plc (POLY.L) Thrusday said it has agreed to acquire Kyzyl gold project in Kazakhstan for an initial consideration of $618.5 million.
The company said it has entered into binding agreements with Sumeru Gold B.V. and Sumeru LLP for the acquisition of Altynalmas Gold Ltd, the holding company for the Kyzyl gold project that comprises the Bakyrchik and Bolshevik gold deposits.
The consideration comprises an initial consideration of $318.5 million in cash, and the issue of new Polymetal shares with an aggregate value of $300 million, as determined in the binding agreements. The consideration also includes deferred additional cash consideration up to an agreed cap up to a maximum of $500 million, contingent on certain conditions being met and dependent on the relative dynamics of the gold price and the price of Polymetal's shares over up to the next seven years.
Polymetal expects the acquisition would expand its existing reserve base with the addition of high grade gold deposits in Kazakhstan characterised with a long expected mine life and significant exploration upside.
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