Polymetal sold gold-copper project in Kazakhstan to RMK
March 20, 2023, NEDRADV. Polymetal Int (combines the assets of JSC Polymetal) sold the structure of JSC Russian Copper Company, Mikheevsky GOK, the operator of the copper-gold East Tarutinsky ore occurrence in Kazakhstan. The transaction amounted to $7 million. At the same time, it follows from the company’s annual report under IFRS that the loss on disposal of the asset amounted to $2 million.
In 2018, Polymetal completed a deal to exchange its own Tarutinskoye field in the Chelyabinsk Region for an 85 percent stake in the East Tarutinskoye field in Kazakhstan.
The deal was beneficial for Polymetal, as it improved the logistical connection between the deposit and the Varvarinskoye processing plant: the ore transportation distance is reduced to 110 km compared to 150 km for Tarutinsky, which is located on the other side of the border.
As of 2018, the resources of East Tarutinsky according to JORC were estimated at 6.4 million tons of ore with a copper grade of 1.06% (68 thousand tons) and gold of 0.07 g/t (450 kg), which is 354 thousand tons. ounces of gold equivalent.
Polymetal Int (combines the assets of JSC Polymetal) specializes in gold and silver mining. The company’s enterprises operate on the territory of Russia, Kazakhstan, Armenia.