Russia’s Polymetal sold its North Kaluga assets to North Kaluga Mining on June 23 for $35.7mn in an effort to divest from its non-core mining areas.
North Kaluga is located in Russia’s Sverdlovsk region and contains mostly copper and zinc mineral deposits.
The company announced the sale for approximately $27mn in May this year under a legally binding agreement where, the new owner was bound to pay all the debts owed by North Kaluga, which increased the value of the transaction.
Of the $35.7mn, Polymetal has received $10.7mn in cash with the balance payment consisting of royalties and repayment of all debts will be received by August 31, the company said in a press release.
Polymetal is a precious metals miner specializing in mining for gold and silver ore.