Dundee Precious Metals Completes Sale of Kapan Mine to Polymetal International for $25M, Armenia
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Dundee Precious Metals Inc. has completed the previously announced sale of the Kapan mine located in Armenia to Polymetal International Plc.
“We are pleased to announce that the sale of the Kapan Mine to Polymetal has been completed. The proceeds from the sale will serve to strengthen our balance sheet and reduce future capital requirements, which can be utilized to support the future growth of our business, and allow us to focus on our remaining core assets. We would also like to thank the community of Kapan and our employees for their support since we acquired the asset in 2006,” said Rick Howes, president and CEO of Dundee Precious Metals.
In exchange for its 100 percent interest in Kapan, DPM received consideration consisting of (i) US$10 million in cash, (ii) US$15 million in ordinary shares of Polymetal, and (iii) a 2 percent net smelter return royalty on future production from the Kapan property.
About Dundee Precious Metals
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged in the acquisition, exploration, development, mining and processing of precious metals. The company’s principal operating assets include the Chelopech operation, which produces a copper concentrate containing gold and silver, located east of Sofia, Bulgaria, and the Tsumeb smelter, a complex copper concentrate processing facility located in Namibia. DPM also holds interests in a number of developing gold properties, including the Krumovgrad gold project located in southern Bulgaria, interests held through its ownership of Avala Resources Ltd. in Serbia and its 11.8 percent interest in Sabina Gold & Silver Corp. located in northern Canada.
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