Polyus Gold sells assets in Kazakhstan and Kyrgyzstan

February 28. StockMarketWire

Polyus Gold sells assets in Kazakhstan and KyrgyzstanPolyus Gold International has completed the sale of its assets in Kazakhstan and Kyrgyzstan to a consortium consisting of Institute Project, Financial Services and Folkstand Consortium.

Polyus Gold says that it and its subsidiary, Romanshorn LC, have sold 100% of the shares in Kazakhaltyn MMC JSC to Institute Project for US$10m in cash, less applicable withholding tax of US$1.5m.

In addition, Jenington International Inc – an indirect subsidiary of Polyus Gold – has novated all of its rights and obligations under all the loan agreements between Kazakhaltyn, as borrower, and Jenington, as lender, to Institute Project and Financial Services for an aggregate cash consideration, after adjustment in accordance with the transaction agreements, of US$287,782,137.

And Polyus Gold has also completed the sale of 100% of the shares in Norox Mining Company Limited to Folkstand Consortium for a cash consideration of US$1m.