Polymetal International plc has increased its share in Vostochny Bazis LLC, which has the license to work at the Tarutinskoye copper deposits, from 75% to 100%.
Polymetal bought the additional 25% from Geronesa Trading Ltd.
Tarutinskoye is a typical gold-copper deposit and fits Polymetal strategy of creating processing hubs. The deposits will provide raw materials for Varvarinskoye factory in Kazakhstan.
The reserves estimate will be ready in Q3. The start of mining operations is planned for 2018.
In 2018-2020 Polymetal plans to deliver to Varvarinskoye factory and process up to 300 thousand tons of ore, producing 4-5 thousand tons of copper per year. The initial investments into Tarutinskoye will not exceed $5 million, as the machinery from other Polymetal deposits will be used there. (Ukrainian metal)
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