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Polymetal completes exchange of copper-gold projects with Russian Copper

Polymetal International PLC completed the noncash exchange of its Tarutin copper-gold property in Russia for 85% of the East Tarutin copper-gold property in Kazakhstan from Russian Copper Co.

The company said Dec. 19 that it plans to resume exploration at East Tarutin and complete a JORC-compliant mineral resource estimate by the end of 2019.

When entering the agreement in April, Polymetal said a reserve estimate for the 66.4-square-kilometer property will be completed in the first half of 2020.

The company noted that ore haulage distance to its Varvara processing plant in Kazakhstan will be reduced to 110 kilometers, compared to 150 kilometers for Tarutin on the other side of the border.