VTB Bank and Polyus Gold International Limited, one of the world’s largest gold producers, have signed an agreement on the issue of RUB 39,338 million bank guarantee by VTB.
This bank guarantee will be used to announce the mandatory tender offer to acquire the shares of OJSC Polyus Gold in accordance with the Russian legislation.
“This deal is an important step in developing a long-term relationship with Polyus group of companies, and we are confident that VTB Group will become a reliable partner for Polyus in the international market”, Dmitry Snesar, VTB Bank Senior Vice-President, said.
Polyus Gold International Limited is an international company, the leading gold producer in Russia and the only Russian company among the world’s largest gold producers in terms of market capitalization, resource base and production. The company’s international asset portfolio includes ore and placer deposits in the Krasnoyarsk Territory, Irkutsk Region, Magadan Region, Amur Region, the Republic of Sakha (Yakutia), as well as in the Republic of Kazakhstan and Romania. In 2010, OJSC Polyus Gold production in Russia totaled 1.4 million oz of gold.