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Market: AIM, TSX
Sector: Gold Mining
Epic: OSU
News: Latest news
Web Site: Orsu Metals
Other Articles: 08-01-2009

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Orsu Metals

Orsu Metals

Orsu Metals Corporation is a new, dual listed (AIM & TSX), London-based base and precious metal mining, production, exploration and development company which is operating the Varvarinskoye open pit copper-gold mine in northern Kazakhstan and exploring advanced staged gold deposits in the Tien Shan gold belt in the Kyrgyz Republic, one of the largest and most prolific gold belts in the world and the Rudny Altai copper belt in the Republic of Kazakhstan.

Orsu was formed in June 2008 after the acquisition of Lero Gold Corporation by European Minerals Corporation.
Monday, June 15, 2009

Polymetal to acquire Orsu Metals Varvarinskoye Gold-Copper Project

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Orsu Metals (TSX & AIM: OSU) rallied this morning after the company announced that it would sell its Varvarinskoye Gold-Copper Project to OJSC Polymetal.  Varvarinskoye has long been a difficult project European Minerals, who merged with Orsu Metals last year. Despite a substantial resource, the project has been plagued by its large debt burden, failure to meet hedging obligations and an inability to refinance.  

Polymetal will pay Orsu Metals US$8 million in cash and up to maximum of US$12 million and will assume US$215 million in debt and hedging obligations.

If the agreement completes, Orsu Metals will be debt free and will focus its attention on several advanced exploration projects in Kazakhstan and Kyrgyzstan.


Commenting on the sale, Dr Sergey V Kurzin, Executive Chairman of Orsu stated: "Proceeds from this sale will allow Orsu to focus on developing its exploration and growth assets with renewed vigour with a substantially stronger balance sheet. After extended negotiations with the banks to re-finance the Varvarinskoye debt and hedging facilities, the Board believes that the sale will release the Company from its current financial and legal burdens, enabling directors and management to focus on providing Orsu shareholders with the exploration, growth and development opportunities the Company is capable of delivering."

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