Russian "Polymetal International" has sold the Kapan mine at US$ 55 million to " Chaarat Gold Holdings Limited". Chaarat Gold Holdings Limited is an AIM-listed gold development company focused on mine development in Central Asia and ex-Soviet Union.
“The sale of Kapan is a step towards shrinking Polymetal’s asset base to focus on large long-life projects”, said Vitaly Nesis, Group CEO of Polymetal.
According to the official website of the company, Kapan is the smallest and highest-cost mine in Polymetal’s portfolio, making up 3% of the Group’s Ore Reserves.
Completion of the Transaction is expected to take place in Q1 2019 but in any event no later than 15 February 2019. Polymetal will grant Chaarat an exclusive right for a period of 6 months from completion and a right of first refusal for a period of 12 months upon expiry of the exclusivity period in relation to Polymetal’s other interests in Armenia, including the Lichkvaz deposit.
Reminder; Polymetal obtained the Kapan Mine in April 2016 at a price of US $ 25 million.
19:55 October 31, 2018