LONDON--Polymetal International PLC (POLY.LN) said Monday that it has entered into to acquire the Komarovskoye gold deposit located in Kazakhstan from a unit of commodity trading company Glencore PLC (GLEN.LN) for $100 million in cash.

The mining company has entered into a binding agreement with Glencore unit Kazzinc Ltd. for the acquisition of Orion Minerals LLP, the holding company for the Komarovskoye mine.

Polymetal intends to satisfy the acquisition consideration from existing cash balances and available credit facilities. Under the agreement, Kazzinc will also receive a royalty linked to future production from the gold deposit and future gold price performance. The royalty will be capped at $80 million.

Completion of the deal is expected to occur in 2016. Scotiabank Europe PLC is acting as financial advisor to Polymetal in relation to the acquisition.

Write to Tapan Panchal at tapan.panchal@wsj.com

(END) Dow Jones Newswires

April 04, 2016 02:26 ET (06:26 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
Glencore (PK) (USOTC:GLNCY)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024 Click aqui para mais gráficos Glencore (PK).
Glencore (PK) (USOTC:GLNCY)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024 Click aqui para mais gráficos Glencore (PK).