Polymetal finds gold in family of the President of Kazakhstan – the company to buy a large asset from son-in-law of Nursultan Nazarbaev

One of the largest gold-mining Russian companies, Polymetal, is preparing to buy a large gold deposit from structures of Timur Kulibaev – the member of the Gazprom’s Board of Directors and the son-in-law of the Kazakh President. The deal amount may reach $500 million, more than a third  of which will be paid with shares of Polymetal. This will be the first serious acquisition of the company in the last four years, and structures of Kulibaev can receive 5% of Polymetal’s shares.

The largest Russian producer of silver and one of the leading gold producers – the company Polymetal (the main shareholders are the IST Group of Alexander Nesis, PPF Group of Petr Kellner and Alexander Mamut) negotiates on the purchase of the gold-ore deposit of Bakyrchik in the north-east of Kazakhstan, three sources, who are familiar with the company’s plans, told  Kommersant. The reserves of the Bakyrchik deposit make up 5.76 million ounces of gold with rather high metal content – 8g per 1 ton of ore (resources are 7.35 million ounces of gold).