Lenskaya Gold Mining Co (LZRK), the group’s subsidiary, acquired a 74% stake in open OJS “Pervenets” which holds exploration and production licenses on Pervenets and Verninskoe deposits in Irkutsk region.

The price of the acquisition is US$ 25.8 million. LZRK also acquired debts of “Pervenets” totaling US$ 1.95 mln. The minor stake of 26% of “Pervenets” are controlled by “Lenzoloto”, another Polyus group’s subsidiary.

Pervenets and Verninskoe are located some 125 km from the city of Bodaibo in Irkutsk region. The deposits contain 84 mt of gold reserves and some 185 tons of gold resources. Those figures are expected to increase after more exploration will be carried out. The forecasted production on the deposits is 5 to 10 mt per year. Both deposits can be developed over a short time using existing infrastructure. According to Polyus Group President Eugene Ivanov, “acquisition of Pervenets and Verninskoe is another step forward on the way to turn Polyus into a world-class company”.