Polymetal: New exploration JV in Taymyr (1151606)
01 Dicembre 2020 - 08:00AM
UK Regulatory
Polymetal International plc (POLY)
Polymetal: New exploration JV in Taymyr
01-Dec-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 1 December 2020
Polymetal International plc
New exploration JV in Taymyr
Polymetal announces an initial investment of US$ 0.5 million in exchange for
a 35% stake in a joint venture with a junior holding an exploration license
for the Pekinskaya area, Taimyr Peninsula, Russia (Pekinskaya JV), which
adjoins the existing Taimyr JV.
"Through this new joint venture Polymetal has expanded its footprint in the
highly prospective Taimyr region with the potential to discover a
significant copper-gold porphyry mineralisation", said Vitaly Nesis, Group
CEO of Polymetal. "We continue to be committed to further development of our
exploration portfolio through partnerships with juniors in the regions of
our presence".
TRANSACTION HIGHLIGHTS
? Polymetal may acquire up to a 70% interest in the Pekinskaya JV by
funding RUB 173 million in cash (approximately US$ 2.3 million) of
exploration expenditures in three stages aligned with the relevant field
seasons:
? Stage 1 (completed) - an initial acquisition of 35% stake in the JV
through a RUB 40 million (approx. US$ 0.5 million) cash investment in
newly issued share capital.
? Stage 2 - increase stake up to 63% ownership for further investment of
RUB 85 million (approx. US$ 1.1 million) in newly issued share capital
by March 2021 following the first field season results assessment.
? Stage 3 - increase stake up to 70% ownership for further investment of
RUB 48 million (approx. US$ 0.6 million) in newly issued share capital
by March 2022 following the second field season results assessment.
? Polymetal may also provide loans to the JV to fund extra exploration
costs at stages 2 and 3, and finance three additional field seasons post
2022.
? Polymetal has been granted a call option exercisable in 2023-2026 to
acquire the remaining interest in the JV following JORC-compliant Mineral
Resource estimate.
? Pekinskaya exploration license covers an area of 97 sq. km. Together
with the contiguous Taimyr JV they represent an area of 359 sq. km.
About Polymetal
Polymetal International plc (together with its subsidiaries - "Polymetal",
the "Company", or the "Group") is a top-10 global gold producer and 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
Panmure
Gordon
Daniel
Norman +44 20 7886
2500
John Prior
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
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"targets", "believes", "expects", "aims", "intends", "will", "may",
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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: MSCM
TIDM: POLY
LEI Code: 213800JKJ5HJWYS4GR61
Sequence No.: 88781
EQS News ID: 1151606
End of Announcement EQS News Service
(END) Dow Jones Newswires
December 01, 2020 02:00 ET (07:00 GMT)
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