25.3 C
Belgrade
Supported byspot_img
spot_img

Polymetal buys remaining 20% stake in Saum deposit in Russia

Member of Europium Groupspot_img
Supported byspot_img

Precious metals mining company Polymetal International has purchased the remaining 20% stake in Saum Mining Company, which holds the licence for the Saum polymetallic deposit in Russia.

The transaction, which comes after a successful exploration drilling campaign at the property, increases Polymetal’s interest in the Saum deposit to 100%.

With resources of 435Koz of gold equivalent at 9.7g/t, the deposit covers an area of 34.2km² in Russia’s Sverdlovsk region in the Ural Mountains.

Supported by

In exchange for the 20% interest, Polymetal issued 834,055 new ordinary shares worth $7m to the seller.

Polymetal Group CEO Vitaly Nesis said: “Our strategy at Voro is increasingly focused on extending the life of mine through nearby exploration targets, with the potential addition of a flotation circuit to the existing processing plant.

“Saum fits this vision perfectly. High grades and good infrastructure will enable low capital intensity, low costs, and a quick route to free cash flow, which further strengthens the rationale for a flotation project at Voro.”

With volcanogenic massive sulphide type mineralisation, the Saum deposit hosts thick near-surface tabular ore bodies that indicate feasibility of open-pit mining at a low stripping ratio.

The deposit has estimated JORC 2012 compliant total indicated and inferred mineral resources of around 1,390kt.

It is located around 240km from Polymetal’s Voro processing plant. Oxide ore from the deposit will be processed through the existing carbon-in-leach plant at Voro.

Polymetal is planning to prepare an initial reserve estimate in the first quarter of next year and begin oxide ore mining activities in the second half of 2020.

Source: mining-technology

Supported byElevatePR Digital

Related News

Renewable energy boom spurs demand for copper and critical minerals: Emphasizing responsible mining

The global push towards renewable energy is set to significantly increase demand for critical minerals and metals such as lithium, copper, manganese and rare...

Euro Manganese advances with successful commissioning of high-purity manganese facility

Euro Manganese Inc. has successfully completed the commissioning of its high-purity manganese Demonstration Plant at the Chvaletice Manganese Project in the Czech Republic. This...

Rio Tinto Assures on 2500 Pages – There is a Solution for Every Danger

Rio Tinto executed a move announced six months ago – they published drafts of environmental impact studies on how harmful the lithium mine in...

Geopolitical struggle over Central Asia’s rare-earth reserves

Central Asia, encompassing Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Afghanistan and Mongolia, holds vast untapped reserves of rare-earth minerals. Recent global developments have thrust these...
Supported by
Supported by
Supported by
error: Content is protected !!