https://www.miningweekly.com
Flow|Gold|Mining|PROJECT|Resources|Underground|Flow|Operations
Flow|Gold|Mining|PROJECT|Resources|Underground|Flow|Operations
flow-company|gold|mining|project|resources|underground|flow-industry-term|operations

Polymetal delivers Kyzyl ahead of schedule, below budget

Polymetal's Kyzyl mine.

Polymetal's Kyzyl mine.

26th June 2018

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

The new Kyzyl mine in Kazakhstan has exited the commissioning phase and has successfully produced its first gold concentrate, LSE-listed Polymetal announced on Tuesday.

The start-up of the concentrator, which is now entering a three-month ramp-up period, was achieved one quarter ahead of the original 2014 schedule and one month earlier than the timeframe provided in January this year.

The mine was also delivered about 3% below the original $325-million budget, Polymetal said in a media release.

The Kyzyl concentrator is expected to reach nameplate capacity of 150 000 t/m and recoveries of 86% by October. The miner expects to produce 80 000 oz of payable gold from Kyzyl this year. Output will ramp up to 280 000 oz in 2019 and 330 000 oz thereafter, at an all-in sustaining cost of $500/oz to $550/oz.

"Polymetal is delighted and proud to successfully complete the largest development project in the company's history ahead of time and below budget," said CEO Vitaly Nesis.

"Significant cash flow and net income contributions from Kyzyl should start in the fourth quarter of 2018," he added.

The gold reserves at Kyzyl are estimated at 7.3-million ounces at 7.7 g/t gold. This supports a life-of-mine of ten years for the openpit, followed by a further 14 years of underground mining. Additional gold resources comprise 3.1-million ounces at 6.8 g/t indicating strong potential to further extend operations.

Edited by Creamer Media Reporter

Comments

Latest News

Magazine round up | 03 May 2024
Magazine round up | 03 May 2024
3rd May 2024

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 03 May 2024
Magazine round up | 03 May 2024
3rd May 2024
Resources Watch
Resources Watch
2nd May 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.121 0.155s - 109pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: