$140m EBRD loan for Polymetal’s Kyzyl gold mine
JOHANNESBURG (miningweekly.com) – Precious metals miner Polymetal has secured a $140-million loan to finance the remaining capital expenditure for its Kyzyl project, paving the way for operations at the 300 000 oz/y Kazakhstan gold mine to start in the third quarter of 2018.
The loan agreement with the European Bank of Reconstruction and Development (EBRD) has a five-year tenor and will mature in December 2022.
As part of the deal, Polymetal would adopt EBRD’s best practices on environmental and social issues for the development and subsequent operation of Kyzyl, the miner’s CEO, Vitaly Nesis, reported on Thursday.
The project, considered to be Polymetal’s main medium-term growth development, is being built in an area already partly disturbed by historic mining activities.
Kyzyl is being developed in two phases, the first of which is an openpit mine, which will operate for ten years. Openpit mining started in May 2016. The first ten years will produce 1.8-million tonnes a year of ore, which will be processed by sulphide flotation followed by concentrate offtake and/or pressure oxidation.
Phase 1 will be followed by an underground development phase for a further 13 years. The EBRD's financing relates to Phase 1, but the environmental and social impact assessment that considers both phases has been undertaken.
Kyzyl will employ about 600 people during Phase 1 and over 1 000 during Phase 2, the EBRD stated.
Kyzyl has estimated Joint Ore Reserves Committee-compliant reserves of 7.3-million ounces of gold at an average grade of 7.7 g/t.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation