Polymetal Int has acquired additional 25% of shares in the gold deposits Dolinnoye for $1.6 million, having increased its stake to 50%.
“With this deal we strengthen our Varvarinsky hub. We expect to start processing ore there in Q3”, the company chief executive director Vitaly Nesis said.
The ore reserves of the deposits according to JORC, including the Polymetal share, are estimated at 2.6 million tons with the gold contents of 2.4 g per ton, or 202 thousand ounces.
In 2016 Polymetal produced 890 thousand ounces of gold (27.7 tons), up by 3% YoY, and 29.2 million ounces of silver (908.2 tons), down by 9% YoY. (Ukrainian metal)