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Polymetal doubles stake in Dolinnoye gold project to 50%

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Polymetal doubles stake in Dolinnoye gold project to 50%

Russian miner Polymetal International Plc acquired another 25% in the Dolinnoye gold project in Kazakhstan for US$1.6 million, bringing its total share to 50%, the company said in a June 1 press release.

The Dolinnoye property is in the Karaganda region of eastern Kazakhstan and holds 2.6 million tonnes of ore grading 2.4 g/t, totaling 202,000 ounces of gold. Additional mineral resources are estimated at 6.1 million tonnes at 2.5 g/t, containing 494,000 ounces of gold.

The company is planning to include the project as a source of feedstock for its Varvara processing plant in northwestern Kazakhstan due to its proximity to low-cost rail links. The first ore is expected to go through the mill in the third quarter of 2017.

In a separate, same-day statement, Polymetal said it will gradually replace its nonexecutive board directors over the next two years. At least one new director will be appointed at the annual general meeting in 2018.

Polymetal is one of Russia's leading gold miners, producing 280,000 ounces of gold in the first quarter of 2017.