Polyus Gold to sell assets in Kazakhstan and Kyrgyzstan.

By bne IntelliNews December 20, 2012
Russias Polyus Gold has signed an agreement with a consortium of investors to sell the companys assets in Kazakhstan and Kyrgyzstan for about USD 310mn, the company reported. The consortium includes Institute Project B.V., Financial Services B.V. and Folkstand Consortium Ltd. No other information about the companies was available. Polyus Gold will sell 100% in Kazakhaltyn to Institute Project B.V. for USD 10mn, while Institute Project B.V. and Financial Services B.V. will repay about USD 299mn of Kazakhaltyns USD 466.2mn debt to Polyus Golds subsidiary Jenington International. The company has also agreed to sell 100% in Norox Mining Company Limited (Kyrgyztan) to Folkstand Consortium Limited for USD 1mn. The completion of the deal is subject to Kazakhstans government approval.

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