The Board has proposed to dispose on the Polymetal’s Russian business as this presents the most viable opportunity for the Group to restore shareholder value by removing or substantially mitigating critical political, legal, financial and operational risks to the Polymetal Retained Group.
|Republic of Bashkortostan, Russia
|Rosgeology JSC (Rosgeo), share of Polymetal – 75%
The prospect area Novopetrovskaya is located in Khaybullinsky district of the Republic of Bashkortostan. In August 2020, Polymetal acquired 75% interest in the project and holds an option to earn a further 25% stake excercisable within 7 years following the Russian statutory reserve estimate (GKZ). Polymetal provides exploration funding via shareholder loans. 100 km of drilling is planned to be completed resulting in JORC-compliant Mineral Resource estimate in 2023.
In April 2021 Polymetal acquired 75% interest in the project at Sagitovskaya license area on similar terms.
Exploration is aimed at discovering a copper-zinc-pyrite deposit. The prospected area is located in an established region, in close proximity of Yubileyny and Vishnevsky VMS deposits.
Rosgeo carried out exploration work on the Novopetrovskaya area in
In 2020, the JV carried out permitting and exploration planning activities.
- In 2021, 71 drill holes with a total length of 40 km were completed. Subhorizontal ore body was studied at the depth of
350-450 m,the exploration grid and initial JORC-compliant Mineral Resource estimate were completed. Mineral Resources amounted to 2.4 Moz of GE at an average grade of 8.0 g/t.
- In 2022, 12 km of drilling is planned. Updated Mineral Resource estimate and initial Ore Reserve estimate are expected in 2023.