Our first PGM asset and one of the world’s largest open-pittable PGM resources

Key facts

Location Republic of Karelia, Russia
Ownership 100%
Mining Open-pit
Processing Flotation + off-take
Mineral Reserves (JORC) Q3 2019
Mineral Resources (JORC) 6.6 Moz
Production start date 2022


Acquired in 2012, Viksha is Polymetal’s first PGM project, and one the largest open-pit PGM deposits in the world containing roughly 9.5 Moz of palladium equivalent. Polymetal was granted the 20-year mining license in 2016, which covers a project area of 47km2 that comprises three adjacent zones — Viksha, Kenti and Shargi — each containing platinum, palladium, gold and copper mineralization. The depth of the open-pit is 150m with an average thickness of 7 m.

Polymetal intends to complete a feasibility study (“FS”) for an Ore Reserve estimate for Viksha by Q3 2019. Provided the development decision based on the FS is positive, the asset could enter production in 2022.

Location Geology Mineral resources

Viksha is located in the Republic of Karelia, approximately 90 km north of the regional capital of Petrozavodsk (population 300,000) and 450 km from St.Petersburg. The infrastructure in the area is well developed, offering easy access to grid power, paved roads, two ports and a railway.

The property lies near the centre of the southern Karelian Craton which is situated within the Archaean granite-greenstone terrain, adjacent to the lower Proterozoic Onega trough.

The ore-bearing gabbro associated with the Koikar sill and host-rock dolerites uniformly occur among the terrigene-carbonate formations. The rock sequence has been incorporated in the synclinal fold. The syncline has an asymmetric structure with gently sloping north-west (15-25°) limb and subvertical south-east limb. The outcrop of reef-type mineralisation has been traced for over 20 km.

Viksha mineralisation is localized within the stratified sill rocks at the boundary between the lower gabbro and the upper dolerite zones. The sill has a maximum thickness of approximately 235 m. The underlying dolomite sediments are 40-50 m thick. Mineralised zones are clearly stratified with gold and copper predominance in the upper part, and palladium in the lower part of the mineralisation. The platinum-palladium-gold-enriched layer lies approximately 45 m above the sediments. The reef thickness is 5-11m.

The Mineral Resources estimate was independently audited by AMC Consultants in accordance with the JORC Code (2012) and comprises 213 Mt of Indicated and Inferred Resources averaging 0.98 g/t of combined precious metals and 0.1% of copper. Total content of precious metals is estimated at 6.6 Moz making Viksha one of the largest open-pittable PGM resources in the world. Resources have been constrained by generating a series of optimum pit shells. The pit depths vary from 240 m to 305 m below surface.

PGM Mineral Resources as at 1 January 2017(1)
Tonnes Grade Content
Mt Pd, g/t Pt, g/t Au, g/t Cu, % PdEq(2), g/t Pd, Moz Pt, Moz Au, Moz Cu, Kt PdEq, Moz
Viksha Indicated 27 0.6 0.2 0.1 0.10 1.4 0.5 0.1 0.1 29.6 1.3
Inferred 52 0.6 0.2 0.1 0.09 1.3 1.0 0.3 0.2 49.5 2.3
Kenti Inferred 98 0.6 0.2 0.1 0.11 1.3 1.9 0.6 0.4 109.6 4.3
Shargi Inferred 36 0.6 0.2 0.1 0.08 1.3 0.7 0.2 0.1 31.7 1.5
Total Indicated+Inferred 213 0.6 0.2 0.1 0.10 1.3 4.2 1.4 0.9 220.6 9.5

1 Мineral Resources are reported in accordance with the JORC Code (2012). Mineral Resources are additional to Ore Reserves. Discrepancies in calculations are due to rounding.

2PdEq is calculated using the following formula: PdEq = Pd(g/t) + Pt(g/t) *1.57 + Au(g/t) * 1.61 + Cu(%) * 2.33.

3Initial estimate prepared by AMC Consultants as at 01.03.2015 using COG (PdEq) = 0.5 g/t/. Revised estimate was not performed due to lack of material changes.