Polymetal has concluded an agreement with a company affiliated with Mineral Exploration Network (Finland) Ltd (MEN) on the creation of a joint venture to carry out prospecting works in Chukotka Autonomous District.
The gold ore to be found by the JV will provide additional raw materials to the Mayskaya factory, able to process both sulfide ore and oxidized ore.
Polymetal will get 25% in JV having invested 20 million rubles ($0.3 million) with an option to increase its share to 80% by investing 60 million rubles ($0.9 million). (Ukrainian metal)