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ATON - Daily Dashboard, Metals and Mining,TMT - Dec 12, 2012.

Metals and Mining

Polymetal to Acquire Olcha Gold-Silver Deposit from Ovoca Gold at Value-Accretive Price

Polymetal reported yesterday (11 Dec) that it has reached an agreement with Ovoca Gold to acquire 100% of Olymp (an entity which holds the mining and exploration licence for the Olcha gold-silver deposit) in exchange for 775,000 ordinary shares of Polymetal (equivalent value: $13.5mn). The audited mineral resource estimate for Olcha under JORC standards is approximately 713koz of gold equivalent.

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Bottom line

At first glance the acquisition looks value accretive for Polymetal: it is valued at nearly $19/oz of resources, which is significantly lower than Polymetal's acquisition of the Kutin gold deposit at $56/oz of reserves. We view the news as positive for the company's shares.


MegaFon Set to Be Included in MSCI Russia Today

MegaFon should be included in the MSCI Russia index from today (12 Dec). We estimate the company's potential weight in the index at 0.8% vs MTS's 4.2% and Rostelecom's 1.9%.

Bottom line

MegaFon's inclusion into MSCI Russia should be supportive for the stock, in our view.


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phone: (495) 777-66-77, (495) 228-38-99,
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Publication:Russian Banks and Brokers Reports
Date:Dec 12, 2012
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