February 19, 2018 / 7:12 AM / 10 months ago

BRIEF-Russia's Polymetal to increase stake in silver deposit in Russia

Feb 19 (Reuters) - Russia’s Polymetal says:

* Has entered into an agreement to increase its stake in the Prognoz silver property to 50 percent through the acquisition of a further 45 percent ownership in the asset for a total consideration of $72 million to be paid in Polymetal shares;

* Believes that Prognoz is the largest undeveloped primary silver deposit in Eurasia;

* Currently, Polymetal holds a 5 percent indirect stake in Prognoz, with an option to acquire an additional 45 percent from Polar Acquisition Limited. The other 50 percent of Prognoz is owned by Garden Ring Capital, a Russian private equity group;

* The transaction is expected to close in the first quarter of 2018, subject to regulatory approvals. Source text for Eikon: Further company coverage: (Reporting by Moscow Newsroom)

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