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Polymetal International swaps Russia project for asset in Kazakhstan

Polymetal International said it had agreed to an asset-swap deal with Russian Copper company in which it would receive a controling stake in a Kazakhstan project.

Polymetal would get 85% of the East Tarutin property in Kazakhstan in exchange for 100% of Vostochny Basis, the license holder for a copper-gold deposit in Russia.

The transaction was an asset swap and did not entail any additional payments or deferred considerations, the company said.

Polymetal also announced that it had completed its previously-announced acquisition of a 45% stake in the Prognoz silver project in Russia for $72m in shares.

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