Polyus in $285M Gold Ore Deal
August 18, 2005
Russian diamond giant Alrosa is selling gold ore assets to a unit of the world’s largest non-ferrous metal producer for about $285 million.
Polyus, a unit of Norilsk Nickel, has begun a deal to buy three gold ore deposits, managed by an Alrosa subsidiary, in the Siberian republic of Sakha-Yakutia, Novosti reported Thursday.
About $115 million has already been paid, and in September Polyus expects to become the owner of the Alrosa subsidiary and gain control of the licenses for developing gold ore deposits with total reserves estimated at more than 700 metric tons of gold.