- Metal miner Polymetal International said it had agreed to sell its North Kaluga deposit in the Sverdlovsk region of Russia to North Kaluga Minin in a deal worth about $27m.

The sale price included a $10.7m upfront cash payment, a 5% net smelter return and a 50% royalty on excess revenue.

'We continue to advance our non-core asset disposals,' chief executive Vitaly Nesis said.

'The North Kaluga deal brings us some cash and retains exposure to commodity prices.'

Both net smelter return and the excess revenue royalty were capped at $300m.

The new owner would also repay all debt owed by the North Kaluga's license holder to Polymetal as at transaction completion date, which was $2.8m at the date of the agreement.

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