Mineral miner Polymetals International is looking for a joint venture partner for its Tamunier project in the Sverdlovsk region of Russia or to offload the asset completely after disappointing test results.
The group says an assessment of the site has been carried out after its purchase in 2007 revealing a resource of around 50m tonnes of ore which does contain gold but, crucially, not at the level which Polymetal usually targets.
"I am pleased with the results of our exploration work at Tamunier" said Vitaly Nesis, the group's Chief Executive Officer, mindful of the need to negotiate a good price for the sale of its interest in the site. "The size of the deposit is quite substantial," he added.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"However, the Tamunier project does not fit with our strategy of concentrating on higher-grade assets and we will, therefore, consider a sale or partnership to advance the development of the asset".
BS
-
First Solar is set to shine – should you invest?Solar-power specialist First Solar will benefit from Donald Trump’s policies, says Matthew Partridge
-
Private assets: profit from the potential in these fundsOpinion Charlotte Cuthbertson and Tom Treanor of the Migo Opportunities Trust highlight three funds where they'd put their money
