Polyus Sells Assets
- Mar. 01 2013 00:00
- Last edited 20:41
Jersey-based Polyus Gold International, the controlling shareholder in Russia's Polyus Gold, has completed the sale of assets in Kazakhstan and Kyrgyzstan to a consortium of investors, a PGIL statement says, Interfax reported.
A source with knowledge of the situation told Interfax that Polyus Gold earned more than $375 million from selling the assets of the former KazakhGold, including Romanian assets worth $20 million. According to Polyus Gold, Kazakhaltyn, which controls several assets in Kazakhstan, has been sold to Institute Project for $10 million in cash. Institute Project and Financial Services also paid off part of Kazakhaltyn's debt to a Polyus Gold affiliate for around $288 million in cash. The Kyrgyz assets were sold to Folkstand Consortium Limited for $1 million.
Polyus Gold is the largest gold producer in Russia and one of the top 10 gold miners globally by ounces produced.