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Polymetal to Produce Platinum

20 December 2012

Russia’s largest silver producer Polymetal International Plc is buying the first platinum asset, the Svetlobor deposit in Sverdlovsk Region, anticipating finding “hundreds of tons of platinum.”
So far, Polymetal holds less than 25% of shares of CJSC Nevyansk Group that owns the Svetlobor platinum deposit (Sverdlovsk Region). In 2013, the company will have to purchase the other shares from VTB Capital participating in the deal. Previously, CJSC Nevyansk Group was owned by Cyprus’ company Ubergot Investments Limited. CJSC VTB Capital made an agreement with Polymetal on selling its stake following the receipt of an approval from the government commission on monitoring of foreign

 

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