Russia’s Polymetal takes over Veduga gold deposit in Siberia

Russia’s Polymetal announced taking over Veduga gold deposit in Siberia by acquiring 100 percent stake in Amikan.

The Russian miner paid $20 million to buy the 50 percent stake held by South Africa’s AngloGold Ashanti in Amikan, a joint venture formed in 2008.

Polymetal will team up with precious metal scrap recycling company Sibproekt, as well as a Canadian investor and a major Russian bank.

Polymetal is expected to retain a 50% stake in the venture, while Sibproekt could take a 20% stake, a source said.
Development of the gold field could get under way as early as 2012, Sibproekt’s General Director Maxim Yaushev said, adding that the final agreement has yet to be signed.

Veduga’s expected reserves were estimated in 2010 at 2.8 million ounces of gold with a metal content of 2.54-11.37 grams per ton of ore.

Tags: Gold, Gold mining, Gold mining companies, Gold mining industry, Polymetal

Posted by admin on Feb 8 2012. Filed under Gold mining. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry