Jersey- based precious metals mining company Polymetal has entered into a binding agreement with Glencore subsidiary Kazzine to buy its Komarovskoye Gold Deposit in the Republic of Kazakhstan. The acquisition involves the acquisition of Orion Minerals LLP for $100m, and Kazzinc will additionally receive a deferred consideration linked to future production from the Komarovskoye and the movements in the gold price.
Gold mined at Komarovskoye will be processed at the Varvara open-pit mine and processing plant in north-west Kazakhstan that Polymetal acquired in 2009.
Source: reuters