Polymetal produces first dry gold concentrate at Mayskoy mine

FTSE 100-listed Polymetal International has reported that the flotation concentrator at its Mayskoye mine has been started up, producing its first dry gold concentrate.

FTSE 100-listed Polymetal International has reported that the flotation concentrator at its Mayskoye mine has been started up, producing its first dry gold concentrate.

The metal mining company said that the Mayskoye concentrator has a nameplate capacity of 850 thousand metric tonnes (Kt) of ore per annum.

Full ramp-up is expected to take six months, with design throughput and recoveries scheduled to be achieved in October 2013, the company added.

Mayskoye is a high-grade refractory gold deposit and is one of the top five deposits in Russia in terms of gold resources. The project consists of an underground mine and a 850 a thousand metric tons per annum (Ktpa) on-site flotation concentrator. The ore is processed by conventional flotation on site, and the concentrate produced is then shipped to Amursk POX plant and, potentially, to third-party off-takers.

Vitaly Nesis, Chief Executive Officer of Polymetal, commented: "The start-up of the Mayskoye concentrator marks the successful completion of construction of the second generation of Polymetal's growth assets".

"This achievement underscores our project execution capabilities in a complex and distant location. During the rest of 2013, we will focus on the ramp-up of the processing plant and securing concentrate off-take arrangements".

MF

Recommended

Britain’s ten most-hated shares – w/e 20 May
Stocks and shares

Britain’s ten most-hated shares – w/e 20 May

Rupert Hargreaves looks at Britain's ten-most hated shares, and what short-sellers are looking right now.
23 May 2022
Britain's most-bought shares w/e 20 May
Stocks and shares

Britain's most-bought shares w/e 20 May

A look at Britain's most-bought shares in the week ending 13 May, providing an insight into how investors are thinking and where opportunities may lie…
23 May 2022
Director dealings w/e 20 May: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 20 May: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
23 May 2022
Three high-yielding FTSE 250 dividend stocks I’d invest in right now
Share tips

Three high-yielding FTSE 250 dividend stocks I’d invest in right now

The average FTSE 250 dividend yield is around 2.4%., but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income inve…
23 May 2022

Most Popular

Imperial Brands has an 8.3% yield – but what’s the catch?
Share tips

Imperial Brands has an 8.3% yield – but what’s the catch?

Tobacco company Imperial Brands boasts an impressive dividend yield, and the shares look cheap. But investors should beware, says Rupert Hargreaves. H…
20 May 2022
Barry Norris: we’re already in the 1970s. Here’s how to invest
Investment strategy

Barry Norris: we’re already in the 1970s. Here’s how to invest

Merryn talks to Barry Norris of Argonaut capital about the parallels between now and the 1970s; the transition to “green” energy; and the one sector w…
19 May 2022
Share tips of the week – 20 May
Share tips

Share tips of the week – 20 May

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
20 May 2022