Ogier has advised long-standing client, Baker Steel Capital Managers, LLP on the sale of the interest held by Polar Acquisition Limited on behalf of a number of Baker Steel’s funds and managed entities, including its London listed fund Baker Steel Resources Trust Limited, in the Prognoz Silver Mine in Russia to Polymetal International PLC for US$72 million.

This sale represents the culmination of a number of transactions which Ogier have advised Baker Steel Capital Managers, LLP on in relation to its investment in the Prognoz Silver Mine since the time of Baker Steel’s original investment in 2011.

Closing of the sale is subject to a number of conditions, including receipt of Russian regulatory approval and is expected to occur during the first quarter of 2018.

Following the sale, Polar Acquisition Limited will retain a continued interest in the Prognoz Silver Mine, through a royalty on future silver production.