Polymetal ups its stake in undeveloped silver property

LSE-listed Polymetal has entered into an agreement to increase its interest in an undeveloped silver deposit in Sakha, Far Eastern Russia, which the company believes has the potential to be one of the world’s top three primary silver mines in future. Polymetal has entered into a legally binding agreement to increase its interest in the Prognoz property, in the Verhoyansk municipal district, from 5% to 50%, by buying Polar Acquisition’s 45% interest for $72-million worth of shares.