Polymetal Board of Directors approves of entry into Yakutia deposit
Yakutia 24 TV channel: Polymetal company plans to complete the acquisition of a stake in the Tomtor rare earth metals deposit in the I – II quarter of 2020.
“The board of directors approves of a small minority investment. The transaction will be completed in the I – II quarter of 2020,” the company says.
The stake planned to be acquired is 10%. Head of Polymetal, Vitaliy Nesis, emphasizes that investment in the stake acquisition would be insignificant in terms of financial indicators, however, the decision to enter the project is extremely important for the company from the strategic point of view.
Earlier, we reported that Polymetal could enter the project on rare-earth metals within six months. Initial investments were estimated at $20 million.