Polyus sells stake in gold deposit in Russia for $158 mln

(Adds details, Polymetal and Polyus comments)

MOSCOW, March 21 (Reuters) - Polyus, Russia's largest gold producer, has agreed to sell its 82.34-percent stake in a joint venture with Polymetal which holds rights to develop the Nezhdaninskoye gold deposit, Polyus said in a statement on Tuesday.

Polyus and London-listed Russian gold and silver miner Polymetal entered into the joint venture (JV) to develop the project in Russia's far eastern Yakutia region in late 2015.

The stake will be sold for $158 million to Ivan Kulakov, former managing director of Highland Gold Mining (Other OTC: HGHGF - news) , another Russian gold producer, Polyus said.

Polymetal currently owns a 18-percent stake in the JV, is in charge of operational activities at the deposit and has the right to increase its stake in the JV to 50 percent by investing $69 million over the next four years.

"Mr. Kulakov has become the counterparty to the joint venture, replacing Polyus, while the key terms of the joint venture operation and the earn-in mechanism for Polymetal remain unchanged," Polymetal said in a statement.

As part of the deal between Polyus and Kulakov, $100 million will be paid upon completion of the stake transfer and the remaining $58 million once the project meets certain operational and financial criteria, Polyus added.

"The successful completion of the deal will enable Polyus to focus management and financial resources on its current pipeline of large-scale open-pit projects," Pavel Grachev, Polyus chief executive, said in the statement. (Reporting by Polina Devitt; editing by Maria Kiselyova)