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Polymetal secures 100% interest in Tarutinskoye copper deposit in Russia

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Polymetal secures 100% interest in Tarutinskoye copper deposit in Russia

Polymetal International Plc has taken full control of the Tarutinskoye copper deposit in Russia after consolidating its 75% interest in license holder LLC "Vostochny Basis" and pushing it to 100%.

The company on Jan. 31 said it will issue 893,575 new shares for a total consideration of US$10 million to Gerosena Trading Ltd. to purchase the 25% stake.

The deposit is expected to provide an open-pittable and easily accessible ore feed for the Varvara flotation plant located 150 kilometer by road from the mine site in Kazakhstan. A reserve estimate for the deposit is due in the third quarter this year and mining is set to start in 2018.

The operations comprise processing of up to 300,000 tonnes of ore at Varvara to produce 4,000 tonnes to 5,000 tonnes of copper per year in the fiscal 2018 to 2020 period.

The initial investment is expected to be less than US$5 million as the mine fleet will be transferred from Polymetal's existing operations.

Polymetal previously bought a 25% stake in the copper deposit from Gerosena in August 2016.