RE: Poly expanding operations.22 Mar 2022 15:29
In English for those who care :)
Moscow. March 18. INTERFAX.RU - Moscow. March 18. INTERFAX - Polymetal bought 25% from Rosgeologia in the Novopetrovskoye polymetallic deposit in Bashkiria and consolidated the project, follows from the data of the SPARK-Interfax analytical system. Polymetal confirmed the deal. Its amount was not disclosed. Polymetal bought a 75% stake in 2020 for about $ 7 million, another $ 8 million was invested in geological exploration of the field. Rosgeologia also confirmed the fact of withdrawal from the joint venture, noting "the successful operation of the enterprise, which has achieved positive results in geological exploration." Polymetal had an option to buy out Rosgeologia's stake in Novopetrovskoye based on the reserves estimate, but the company decided to execute it earlier - at the beginning of the year, only the field's resources were announced, and the initial reserve estimate is expected in 2023.
The resources of Novopetrovsky are estimated at 2.4 million ounces of standard gold - 9.2 million tons of ore with an average content of 8 g / t. The structure of recoverable value: copper - 37%, gold - 35%, zinc - 23%, silver - 6%.
Novopetrovskoye ideally meets the criteria of Polymetal's long-term strategy, said earlier the head of the company Vitaly Nesis: it has high contents, has significant growth potential, and also more than doubles the share of copper in the resource base of Polymetal. During 2020-2021, Rosgeologia concluded a number of so-called junior joint ventures with large subsoil users, including Polymetal, Polyus, Seligdar, USM and so on. The sale of the stake in Novopetrovsky is the first way out for Rosgeologia from such an investment. Polymetal is Russia's largest silver producer and one of the leading gold miners. The holding's enterprises are located in the Magadan and Sverdlovsk regions, the Khabarovsk Territory, Yakutia, Chukotka and Kazakhstan. The largest shareholders are the group "ICT" of Alexander Nesis and partners (about 24%) and BlackRock funds (about 10%).
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