Russian company sells Armenian gold mine

Polymetal, one of Russia's largest gold and silver miners, decided to sell its Armenian Kapan mine to Kyrgyzstan-based Chaarat Gold Holdings for $55 million, the company said.

Polymetal is a top-20 global gold producer and top-5 global silver producer with assets in Russia, Kazakhstan and Armenia. 

Chaarat Gold, incorporated in the British Virgin Islands, develops the Kumtor gold deposit in Kyrgyzstan.