Polymetal buys 22.5% stake in Chesterfield Resources
(Kitco News) - Chesterfield Resources PLC (CHF:LSE) shares are soaring on Thursday after it has emerged that Polymetal bought a 22.5% stake in the firm.
Polymetal International PLC is listed in the FTSE 100-listed and paid around £2.1mln to acquire a 22.5% stake in Chesterfield, a copper and gold exploration company which focuses its operation in Cyprus.
Chesterfield has a few main targets in Cyprus including Evlim which is a new drill target identified between two historic abandoned mines, the Limni pit and Evloimeni Pit. KinValley is another target recently prioritised for drilling. The Kinousa fault is a 15km long structure that runs to the South East of the historic Limni open pit mine occurring in two parallel trends. Chesterfield has carried out mapping, sampling, geophysics and drilling to build a high-quality database over the course of the past year.
As you can see from the chart below the story and investment has made a big impact on the share price. The company is trading over 25% higher on the session and is at its all-time high.