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

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

A simple way to profit from the next big trend change in the markets
Investment strategy

A simple way to profit from the next big trend change in the markets

Change is coming to the markets as the tech-stock bull market of the 2010s is replaced by a new cycle of rising commodity prices. John Stepek explains…
14 Jan 2021
Forget austerity – governments and central banks have no intention of cutting back
Global Economy

Forget austerity – governments and central banks have no intention of cutting back

Once the pandemic is over will we return to an era of austerity to pay for all the stimulus? Not likely, says John Stepek. The money will continue to …
15 Jan 2021
Here’s why markets have shrugged off the US political turmoil
Investment strategy

Here’s why markets have shrugged off the US political turmoil

Despite all the current political shenanigans in the US, markets couldn’t seem to care less. John Stepek explains why, and what it means for your mone…
7 Jan 2021
Free 6 issue trial then continue to