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.

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