Precious metals miner Polymetal has produced first gold and silver concentrate at its new Nezhda mine, located in Yakutia, Russia, with nameplate capacity and full design recovery expected by April.
The two-million-tonne-a-year openpit mine and combined gravity/flotation concentrator were built in 38 months following the construction decision, at a cost of $370-million.
“Starting production on schedule, first announced in the fourth quarter of 2018, demonstrates Polymetal’s executing strengths in the face of multiple challenges,” said CEO Vitaly Nesis on Monday.
The mine would produce up to 30 000 oz of gold-equivalent this year, with average output totalling 180 000 oz/y in 2022 to 2024, at an estimated all-in sustaining cost of $850/oz to $900/oz.
Further upside potential is linked to the opportunity of processing ore from the high-grade Prognoz silver deposit, owned by Polymetal.