Russia: Polymetal to double Amur Works project

The board of directors of Polymetal International plc has approved of the Amur Iron and Steel Works-2 project and allowed the construction. The second line of the Amur Works autoclave department (Amur-2) will considerably increase the company ore reserves, amounting to some 55% of the overall reserves. The manufacture is expected to increase by 30-35…

Russia: Polymetal gold output up in 2018

The gold output of the Russian precious metals producer Polymetal International increased by 13%, to 1.216 million ounces in 2018, the company said in a statement on January 31. Silver production decreased by 6%, to 25.3 million ounces. The company’s total output in gold equivalent grew by 9% YoY, to 1.562 million ounces in the…

Russia: Polymetal exchanges Tarutinskoye deposits

Polymetal International plc has completed the deal to exchange its Tarutinskoye deposits in Russia for an 85% share in the Vostochno-Tarutinskoye deposits in Kazakhstan without additional payment. The deal was announced on April 16. “The Vostochno-Tarutinskoye is a good addition to our Varvarinskoye enterprise, which will simplify operational management by removing difficulties with transferring ore…

Russia: Polymetal buys Prognoz

Polymetal International plc has confirmed the acquisition of a 50% stake in the silver deposits of Prognoz for $140 million, to be paid in Polymetal shares. As the result of the deal Polymetal stake in Prognoz reached 100%. The total cost of the purchase reached $215 million, including $3 million paid for the initial 5%,…