LSE-listed Polymetal has shipped first concentrate from its Kyzyl mine, in Kazakhstan, to a buyer in China, bringing the company closer to achieving cash flow from the asset.
The company said that 2 000 t of gold concentrate was shipped by rail.
Concentrate shipments to Polymetal’s Amursk POX hub, in Russia, would start next month, when the mine would also reach its nameplate capacity of 150 000 t/m.
Polymetal plans to produce 80 000 oz of payable gold at Kyzyl this year, ramping up production to 280 000 oz in 2019 and 330 000 oz thereafter at an all-in sustaining cost of about $500/oz to $550/oz.