Polymetal ups stake in Kazakhstan project; starts board succession
JOHANNESBURG (miningweekly.com) – Russian gold and silver miner Polymetal has increased its interest in the Dolinnoye gold property in Kazakhstan to 50%, after paying $1.6-million for an additional 25% stake.
The transaction completes an earn-in agreement between Polymetal and its partner on the property, which is set to feed its Varvara processing plant.
"This transaction further expands and strengthens our Varvara hub concept," said CEO Vitaly Nesis in a statement on Thursday.
Feedstock will be transported to the Varvara processing plant by rail, with the nearest railway spur being 30 km from the property. The site is accessible by a dirt road.
The Dolinnoye property, in which Polymetal first invested in 2015, has an ore reserve (based on a 50% share) of 2.6-million tonnes, at 2.4 g/t gold for 202 000 oz of gold contained. The mineral resources are estimated at 6.1-million tonnes, at 2.5 g/t gold for 494 000 oz of gold contained.
BOARD SUCCESSION
Meanwhile, LSE-listed Polymetal also said on Thursday that it had engaged an executive search firm, Spencer Stuart, as a consultant for its board succession programme. The company is starting a “phased refresh” of its nonexecutive directors and plans to appoint at least one new director at the 2018 annual meeting.
Chairperson Bobby Godsell commented that Polymetal would build a “pipeline of potential candidates” over the next few years and that multiple appointments would be made.
"The board is keen to ensure that we continue to have the appropriate balance of skills and experience to support, monitor and challenge the executive team in delivering on the group's strategy."
Polymetal has assets in Russia, Kazakhstan and Armenia.
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