Polyus Gold sells its affiliated companies in Romania
Azerbaijan, Baku, April 23 / Trend E. Kosolapova/
Polyus Gold International Limited has entered into an agreement with the British Virgin Islands incorporated holding company affiliated with Kazakh SAT & Company on selling of 100 percent interests in its affiliated companies in Romania - Romaltyn Mining S.R.L. and Romaltyn Exploration.
Completion of the transaction is conditional and is expected in the second quarter of 2012.
The deal will be worth $20 million.
Romaltyn Mining S.R.L. and Romaltyn Exploration S.R.L. hold rights to various mining assets in Romania including a gold treatment plant with a capacity of 2.5 million tones of ore and tailings annually (currently not in operation) and a number of exploration properties.
Polyus Gold International Limited is an international company, the leading gold producer in Russia and Kazakhstan, one of the world's largest gold producers. Headquartered in London, Polyus Gold's operating mines and development/exploration projects are located in 5 major gold mining regions of Russia - the Krasnoyarsk Territory, the Irkutsk, Magadan, Amur Regions, the Republic of Sakha (Yakutia), as well as in the Republic of Kazakhstan, Romania and Kyrgyzstan.
Polyus Gold produced 1.497 million ounces (46.56 tons) of gold in 2011 or 8 percent more than in 2010.