Polymetal eyes Nezhdaninskoye gold output at 155,000 ounces/year

MOSCOW, Nov 12 (PRIME) -- Russian gold producer Polymetal International has finished a feasibility study of the Nezhdaninskoye gold field under the JORC code, and expects commercial gold output from concentrate produced at the field to reach 155,000 ounces per year in the first 15 years of the field’s operation, the company said in a statement on Monday.

Mineral resources of the field were estimated at 12.4 million ounces of gold equivalent with the average content of 4.5 grams per tonne, while proven and indicated reserves amount to 4.4 million ounces of gold equivalent in 38 million tonnes of ore with the content of 3.6 grams per tonne.

The company plans to produce concentrate through open-pit mining at the field from 2019 till 2037, and through underground mining from 2029 through 2045. Initial capital expenditures before the start of production stand at U.S. $234 million, and the company plans to start production in October–December 2021 and to drive it to the projected capacity in April–June 2022.

Polymetal will process the ore at a flotation plant with the annual capacity of 1.8 million tonnes of ore per year. Average costs of the project will amount to $700–750 per ounce of gold equivalent, while total costs would reach $800–850 per ounce.

Previously, Polymetal said it planned to drive the stake in the company that operates the Nezhdaninskoye field to 100%.

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