Polymetal says gets 75% in Baksy copper, gold project in Kazakhstan

MOSCOW, Jul 10 (PRIME) -- Gold producer Polymetal Int has acquired 75% in the Baksy copper and gold development project in Kazakhstan, the company said in a statement on Monday.

"Polymetal announces that it has exercised its option to increase its effective interest in the Baksy project from 7.5% to 75%. State-owned JSC Kazgeology owns the remaining 25%," Polymetal said.

The company received a 7.5% indirect interest in the project at an auction in 2019 and got an option for 75% by financing geological exploration works with debt.

The mineral resources of the project are preliminarily assessed at 768,000 tonnes of ore with a 1.9% copper content and a 68,100 gold ounce content.

The decision to start production is expected in 2024, Polymetal CEO Vitaly Nesis said, as cited in the statement.

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