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Polymetal/RMK intend to swap assets

Polymetal International plc signed an agreement with Russian Copper Company (RMK) on the swap of 100% in Tarutinskoe field in Russia held by Polymetal for 85% in Vostochno-Tarutinskoe kept by RMK in Kazakhstan, the company informed.

Thus, Polymetal acquires 85% in Tarutinskoe field keeping the license for the development of Vostochno-Tarutinskoe field in Kazakhstan. RMK acquires 100% in Eastern Basis having the license on the development of Tarutinskoe field in Russia.

The deal stipulates only the assets swap without any extra payments or rewards. It is assumed to be closed in IIQ 2018 after the approval by the regulators.

Vostochno Tarutinskoe field is located on the Russia/Kazakhstan border. It covers (JORC) 6.4mln ton of ore (1.06% or 68ths ton of copper) and 0.07 g/ton of gold (354ths ounce).

Tarutinskoe field was held by Polimetal since 2013. In Jan. 2017 the Company consolidated 100%. The reserves are appraised to cover 4.6mln ton of ore (1.39% or 63.7ths ton of copper) and 0.09 g/ton of gold (333ths ounce).

This transaction is of profit for both parties due to the improvement of the logistic connection between the fields and refineries (e.g.

Vostochno-Tarutinskoe field and Varvarinskiy refining plant).
In 2018-2019 Polimetal intends to resume prospecting in the Vostochno- Tarutinskoe field and complete appraisal of reserves in IH 2020.

Polymetal (TIN 7805104870) is a gold/silver producer providing realization of the projects in Russia and Kazakhstan. In 2017 1.075mln ounce of gold were extracted (21% in rise).

The holders involve Pearlmoon, Powerboom Investments ltd. Vitalbond (and affiliated companies), MBC Development, Polymetal-held subs.

The 2017 net profit (IAS) declined 10% to $354mln from $395mln; corrected net profit - 1% to $376mln from $382mln; revenues being up 15% to $1.815bn from $1.585bn; EBITDA dropped 2% to $745mln; EBITDA margin - 41% against 48% in 2016.

"AK&M", 13:54, 16.04.2018 1251 COR,AKM


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