Polymetal ups stake in Tarutin deposit

Polymetal upped its stake in the Tarutin deposit to 75% via an all-share deal.

The purchase from Gerosena Trading was carried out for a total consideration of $13.5m (10.2m pounds) in the form of 898,875 newly issued shares in the preciosus metals miner´s capital.

Those shares equated to 0.21% of its ordinary share capital, Polymetal said in a statement.

An application had been filed with the London Stock Exchange and UKLA for the shares to be admitted to trading on 19 August.

Tarutin covered 1.8 square kilometres in the Russian region of Chelyabinsk and was situated just 150km by road from Polymetal´s Varvara copper-gold mining operation.

Infrastructure in the licence are was described as well-dveeloped, with a railway station situated kist 20km from Tarutin.