Polymetal: Sopka assets sale (1007181)
26 Marzo 2020 - 1:01AM
UK Regulatory
Polymetal International plc (POLY)
Polymetal: Sopka assets sale
26-March-2020 / 10:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY
Date 26 March 2020
Polymetal International plc
Sopka assets sale
Polymetal sold Sopka assets for a total consideration of RUB 800 million
payable in cash (US$ 10 million) and 1% Net Smelter Return (NSR).
The assets sold have been ring-fenced into Irbychan Gold LLC ("IG"), a
separate legal entity established to warehouse non-core assets of the Omolon
hub. These assets include low-grade ore stockpiles from Sopka, Dalneye and
Oroch deposits as well as mining and exploration licenses for Sopka,
Dalneye, and Irbychan deposits. Mining at the properties ceased in 2018. All
of the remaining high-grade ore has been trucked to Kubaka mill for
subsequent processing.
Polymetal sold IG to an unrelated Russian private mining company. The
transaction consideration comprises of RUB 800 million fixed upfront cash
payment (US$ 10 million at the RUB/USD exchange rate as of the date of
closing) and 1% annual NSR payable if gold price exceeds US$ 1,500/oz. The
royalty proceeds are capped at US$ 50 million in rouble equivalent.
Additionally, if average gold price in 2022 exceeds $1,600/oz, the buyer
will be required to compensate any positive FX difference between the USD
values of rouble fixed cash payment made (RUB 800 million) as at 31 December
2022 and as at 30 January 2020.
IG was classified as an asset held for sale in FY 2019 financial statements
and the Company recognised a US$ 28 million write-down in its consolidated
income statement. The fair value of the asset was estimated at US$ 13
million (RUB 800 million at the RUB/USD exchange rate as of 31 December
2019).
About Polymetal
Polymetal International (LSE, MOEX: POLY, ADR: AUCOY) (together with its
subsidiaries - "Polymetal", the "Company", or the "Group") is a top-20
global gold producer and a top-5 global silver producer with assets in
Russia and Kazakhstan. The Company combines strong growth with a robust
dividend yield.
Enquiries
Media Investor Relations
FTI +44 20 3727 Polymetal ir@polymetalinternational.com
Consulting 1000
Evgeny +44 20 7887 1475 (UK)
Leonid Fink Monakhov
Viktor Timofey
Pomichal Kulakov
+7 812 334 3666 (Russia)
Kirill
Kuznetsov
Joint Corporate Brokers
Morgan +44 20 7425 RBC +44 20 7653 4000
Stanley & 8000 Europe
Co. Limited
Internationa
l plc
Marcus
Jackson
Andrew
Foster
Jamil
Miah
Richard
Brown
+44 20 7886
2500
Panmure
Gordon
James
Stearns
Forward-looking statements
This release may include statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements speak only as
at the date of this release. These forward-looking statements can be
identified by the use of forward-looking terminology, including the words
"targets", "believes", "expects", "aims", "intends", "will", "may",
"anticipates", "would", "could" or "should" or similar expressions or, in
each case their negative or other variations or by discussion of strategies,
plans, objectives, goals, future events or intentions. These forward-looking
statements all include matters that are not historical facts. By their
nature, such forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the company's control that
could cause the actual results, performance or achievements of the company
to be materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. Such
forward-looking statements are based on numerous assumptions regarding the
company's present and future business strategies and the environment in
which the company will operate in the future. Forward-looking statements are
not guarantees of future performance. There are many factors that could
cause the company's actual results, performance or achievements to differ
materially from those expressed in such forward-looking statements. The
company expressly disclaims any obligation or undertaking to disseminate any
updates or revisions to any forward-looking statements contained herein to
reflect any change in the company's expectations with regard thereto or any
change in events, conditions or circumstances on which any such statements
are based.
ISIN: JE00B6T5S470
Category Code: DIS
TIDM: POLY
Sequence No.: 54681
EQS News ID: 1007181
End of Announcement EQS News Service
(END) Dow Jones Newswires
March 26, 2020 03:01 ET (07:01 GMT)
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