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Polymetal consolidates Prognoz, Nezhda

Former Soviet Union-focused gold miner Polymetal International (LSE:POLY) has this week announced the consolidation of the Nezhda and Prognoz exploration projects in Russia, which host some 9 million ounces in gold equivalent resources and 292Moz of silver resources, respectively.

Polymetal consolidates Prognoz, Nezhda Polymetal consolidates Prognoz, Nezhda Polymetal consolidates Prognoz, Nezhda Polymetal consolidates Prognoz, Nezhda Polymetal consolidates Prognoz, Nezhda

Polymetal produced more than 1Moz of gold for the first time last year but has leveraged itself up to uncomfortable levels in the process

The consideration for the half of Prognoz not already owned was US$140 million in shares, along with a royalty capped at US$40 million. Meanwhile, to exercise the option over the outstanding 75.

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