Polymetal buys platinum project

Precious metals miner Polymetal has agreed to buy its first platinum exploration project in Russia, with VTB Capital. The miner acquired a 24.99 per cent stake in the Svetlobor project from Ubergot Investments in exchange for 130,053 Polymetal shares, while VTB bought the remaining stake in the project, in exchange for 390,369 shares. The total deal is worth around £6.1m.