Polymetal board votes against selling Kutyn, to develop in 2022
MOSCOW, Oct 6 (PRIME) -- The board of directors of Russian gold producer Polymetal has decided against selling the Kutyn field in the Khabarovsk Region and will start gold production in January–March 2022, the company said in a statement on Tuesday.
"After thorough evaluation the board has concluded that Kutyn belongs in Polymetal’s asset portfolio. The key factors behind this decision are quick and capital-light path to significant free cash flows as well as potential for a long mine life as a part of the Albazino hub,” Vitaly Nesis, CEO of Polymetal, said as cited in the statement.
The board of directors also approved construction of a U.S. $80 million Kutyn project. The start of stripping works is slated for July–September 2021.