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Bulletin of EastRussia: Polymetal brought to 50% stake in silver deposit Forecast - EastRussia | Far East

Irkutsk
Ulan-Ude

Blagoveshchensk
Chita
Yakutsk

Birobidzhan
Vladivostok
Khabarovsk

Magadan
Yuzhno-Sakhalinsk

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Petropavlovsk-
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Moscow

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Bulletin of EastRussia: Polymetal brought to 50% stake in silver deposit Forecast

Bulletin of EastRussia: Polymetal brought to 50% stake in silver deposit Forecast
Photo: EastRussia
Polymetal increased its share in the silver deposit The forecast in Yakutia (Verkhoyansk district), which is the largest in Eurasia, is spoken in the next published issue of the EastRussia bulletin. The company announced the closure of the acquisition of 45% stake in the field.

Thus, Polymetal's share increased from 5% to 50%. 5% was initially acquired by the company for $ 3 million from Polar Silver Resources Ltd, which indirectly owned 50% in the field, with an option for 45% until the end of March 2020. In February 2018, Polymetal decided to implement the option ahead of schedule. As part of the deal, Polymetal acquires a share for $ 72 million paid in the form of shares, and undertakes drilling and valuation obligations with an investment of $ 10 million per year and undertakes to pay royalties to the seller in 2-4% of net income project.

The remaining 50% of the asset belongs to the private Russian investment company Garden Ring Capital. Market experts believe that in the future Polymetal may acquire a share owned by the Garden Ring. The forecast resources are estimated at 292 million ounces of silver with an 586 g per ton. Proceed to active work on the field "Polymetal" intends this year - you need to perform 46 km of diamond drilling and conduct research. The appraisal of ore reserves and a preliminary feasibility study are planned in the fourth quarter of the year 2019, which will be the basis for making an investment decision in the first half of the year 2021. In the case of a positive investment decision, full performance can be achieved in 2024 year.

A detailed analysis of this and other relevant topics can be found in the weekly bulletin EastRussia (https://www.eastrussia.ru/subscribe/).