Polymetal will continue looking for buyers for the Lichkvaz deposit, its last asset in Armenia.
Chaarat Gold had a buy-back right, but decided against the purchase because of the high arsenic content in the ore.
“This is a good asset. We consider the chances of selling it as high”, Polymetal said.
Chaarat received the right to buy Lichkvaz while purchasing another Armenian deposit from Polymetal – Kapan.
Estimated reserves of the Lichkvaz deposit are 2.4 million tons of ore with the content of 6.9 grams of gold per ton, or 0.6 million ounces of gold equivalent (18.9 tons). (Ukrainian metal)