Support The Moscow Times!

Polymetal to Buy Kazakh Gold Mine for $500M

Gold and silver miner Polymetal intends to buy a large gold mine in neighboring Kazakhstan for up to $500 million, about one-third of which could be paid with the firm's shares, Kommersant reported Thursday, citing sources.

The Bakyrchik deposit, which has gold reserves of 5.8 million troy ounces, is currently owned by firms belonging to Kazakh President Nursultan Nazarbayev's billionaire son-in-law Timur Kulibayev.

Polymetal, part-owned by Russian tycoon Alexander Nesis, could pay $200 million of the sale price with its own shares thereby handing Kulibayev a 5 percent stake in the company, according to its current market capitalization.

The company declined to comment.

Such a deal would be Polymetal's first large acquisition in four years.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more