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.
|Krasnoyarsk region, Taimyr Peninsula, Russia
|Independent junior company, share of Polymetal – 63%
In December 2020, Polymetal acquired 35% interest, increasing its share to 63% in April 2021, in the Pekinskaya JV, adjoining the Taimyr JV, and an option to earn up to 70% interest financing exploration activities by funding RUB 173 million in cash (approximately US$ 2.3 million) of exploration expenditures in three stages aligned with the relevant field seasons.
Polymetal was also granted a call option to acquire the remaining interest in the JV from the independent junior explorer following JORC-compliant Mineral Resource estimate.
Covering 97 km2 across the East and the Southeast of the Cheluskin Peninsula (Taimyr, Krasnoyarsk region), Pekinskaya license area lies 120 km from the Taimyr JV. The central part of the Pekinskaya area is represented by the granitoid solid. Favourable structural and tectonic setting combined with the prospecting data from previous studies confirm high potential of the area for porphyry copper-molybdenum-gold type mineralization.
- During 2021, the JV completed 4.8 km of core drilling at the “First” section as well as carried out geophysical and geochemical works. Several molybdenum-copper anomalies were established within Dorozhin ore cluster. Copper geochemical anomalies evaluation is in progress.
- In 2022, drilling and detailed exploration will take place at “First” and “North” sections with the aim to discover porphyry-copper-molybdenum and epithermal silver-gold ores.