Polymetal signs deal to sell gold concentrate from Kyzyl field - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Polymetal signs deal to sell gold concentrate from Kyzyl field

MOSCOW, Feb 21 (PRIME) -- Russian gold producer Polymetal International has signed the first sales contract for its Kyzyl field in Kazakhstan and will sell gold concentrate to a partner that has been buying much gold concentrate from the Maisky field for over two years, the company said in a statement on Wednesday.

The partner will buy at least 50% of the gold concentrate produced at the field in 2018. Polymetal will transport it to the port of Vladivostok by railway, while the buyer will transport the concentrate for further processing to Eastern China or to any other region, Polymetal said.

Experts estimate that the company may sell no less than 1.5 tonnes of gold concentrate under the contract, taking into account the field’s expected production capacity of about 10 tonnes of gold per year and the fact that the company plans to receive the first batch of gold concentrate from the Kyzyl field in mid-August.

Initially, the company planned to process concentrate at its capacities at the Amur ore mining and processing facility, but it does not rule out selling 100% of the Kyzyl field’s output in future.

A feasibility study of the Kyzyl project included production of 325,000 ounces, or 10,100 tonnes of gold concentrate per year over the first 10 years of the field’s exploitation, with the average gold content of 108 grams per tonne. Average combined costs are estimated at U.S. $630 per ounce of gold, and average costs may reach $591 per ounce.

End

21.02.2018 10:20
 
 
Share |
To report an error select text and press Ctrl+Enter
 
 
Central Bank Official Rate
1W 1M 1Y
USD
EUR 76.7556 +0.6819 15 nov
USD 67.9975 +0.3163 15 nov
Stock Market Indices
1D 1W 1M 1Y
MICEX
rtsi 1117.26 +1.56 18:50 14 nov
micex 2378.59 +0.15 18:50 14 nov
Stock Quotes in RUR
1D 1W 1M 1Y
GAZP
gazp 151.85 +2.03 18:49 14 nov
lkoh 4856.50 -2.08 18:47 14 nov
rosn 427.15 -3.71 18:49 14 nov
sber 199.20 +1.34 18:49 14 nov
MICEX Ruble Trading
1D 1W 1M 1Y
USDTD
EURTD 76.4400 +0.2375 14:59 14 nov
USDTD 67.0600 -0.6350 17:44 14 nov