The Board of Directors of the British company Highland Gold Mining (HGM ), a leading gold production in Russia, for $ 105 million selling Ltd. "gold company" May "(May HCC), a Russian company that owns the license for the extraction of precious metals at May field in Chukotka. As stated in the message, HGM, the buyer stands a group of companies, including JSC "Polymetal", and none of which is connected with the directors of HGM or its major shareholders. Immediately "Polymetal" acquires from HGM 9 per cent share in the authorized capital of HCC May for $ 13.3 thousand remaining 91% of the share capital HCC May, as indicated in the message, "Polymetal, bought four Russian private companies are not connected with any" Polymetal "or with Highland Gold, for $ 134480tys. In addition, the "Polimetall, the entire amount of intra-corporate loans HCC May of HGM and its affiliated companies, was assigned to a third party not connected with" Polymetal ", for $ 24,852 million HCC May also is in arrears on the loan before the NOMOS-BANK in the $ 80 million this way, the total value of the asset acquisition was $ 105 million deal was closed by 28 April 2009 at. "Polymetal" and co-investors agreed to recapitalize "HCC May and make its charter capital of $ 104852 million in proportion to their shares of participation (and thus," Polymetal "will make about $ 9.436 billion). This amount will be directed to the repayment of the loan before Nomos-Bank and the intra-corporate lending. "Polymetal" I agree with getting approval to buy back 91 per cent share of the asset for $ 95.55 million in cash, or 15.925 billion ordinary shares of "Polymetal", plus the payment of cash adjustments related to the recapitalizations. Payment Method choose co. On these conditions, the company agreed to before the transaction by signing the corresponding agreement. First, however, these conditions must approve the board of directors "Polymetal". The report notes that a possible deal to acquire 91 per cent implies a control over the strategic field company with foreign participation, so in addition to approval by the FAS requires the approval of a government commission to monitor the implementation of foreign investment. The mine was purchased Maiskoe Highland Gold Mining in 2003. Loss from operations of May amounted to $ 6 million in the fiscal year ended 31 December 2007 and the last to date, complete the financial period. As stated in the message, HGM, in the 2 nd quarter of 2008 was prepared feasibility study, the estimated cost of which amounted to $ 500 million, however, soon after the feasibility study, it was decided to reduce the amount of work on the project and to his detailed analysis of current economic conditions. It was after a detailed analysis of the board of directors HGM and concluded that the sale of the facility for $ 105 million for the benefit of the company. The carrying value of the assets of May (with no confirmation of the audit) was in on 31 December 2008 $ 210 million is expected to amount to impairment losses of approximately $ 110 million, and it will be recognized as a result of this transaction. May 5 is one of the largest gold deposits in Russia. May was opened in 1972, and actively explore in the 1974-1986 biennium. Under the Code of JORC Mineral Resources Maisky deposit, located in Chukotka, in the JORC estimated at 19796 million tonnes of ore containing 232,768 tonnes of gold (7.48 million troy ounces). Meanwhile, audited assessment of stocks of May on the JORC is not done. Most recent feasibility study, approved by GKZ v2002 was appreciated stocks to 22.7 million tonnes of ore with stocks of gold, 248 tons. "Polymetal is planning to perform stock assessment and to review the feasibility study in the 1 st quarter of 2010, in the 3 rd quarter to resume construction work on site and in the 4 th quarter of 2011 to begin to concentrate.
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