StockMarketWire.com - Polymetal International said it had agreed to lift its stake in the Veduga gold deposit in Russia to 74.3%.

The company would increase its interest by acquiring 31.7% of the property's licence holder, Amikan, for $19.7m in Polymetal shares.

'Obtaining a controlling stake in Veduga will allow us to explore multiple strategic options for this large and high-grade asset, including potentially selling the asset as it remains non-core for Polymetal,' chief executive Vitaly Nesis said.

'In the meantime, Polymetal will continue to process Veduga's high-grade ore at our existing processing facilities.'



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