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Russia's Polymetal to buy Kazakh goldmine for $500 mln - paper

Reuters - UK Focus

MOSCOW, Oct (KOSDAQ: 039200.KQ - news) 10 (Reuters) - Russia's gold and silver miner Polymetal intends to buy a large gold mine in neighbouring Kazakhstan for up to $500 million, around one-third of which could be paid with the firm's shares, daily Kommersant said on Thursday, citing sources.

The Bakyrchik deposit, which has gold reserves of 5.8 million troy ounces, is currently owned by firms belonging to President Nursultan Nazarbayev's billionaire son-in-law Timur Kulibayev.

Polymetal, part-owned by Russian tycoon Alexander Nesis, could pay $200 million of the sale price with its own shares, thereby handing Kulibayev a 5 percent stake in the company according to its current market capitalisation, Kommersant said.

The company declined to comment when contacted by Reuters.

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Such a deal would be Polymetal's first large acquisition in four years.

"Given the operational risks and our bearish outlook on the gold price in the medium term, the valuation of the deal looks high," Sberbank (Other OTC: SBRCY - news) analysts said in note.