Long-life high-grade refractory gold mine

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.

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Key facts

Location Chukotka, Russia
Ownership 100%
Operating mines Mayskoye
Mining open-pit/underground
Processing 912 Ktpa flotation plant, third-party offtake/Amursk POX
Ore reserves (JORC) 1.8 Moz GE, 7.0 g/t average grade
Mineral resources (JORC) 3.3 Moz GE, 9.1 g/t average grade
Production start date 2013
Life of mine 2036
Employees 1,004
Key highlights 2022
Location History Geology and Mineralisation Operations Reserves and Resources

Mayskoe is located in North-Eastern Russia, in the Chaun distrct of the Chukotka Autonomous Region, in a remote unpopulated area covered by Arctic tundra. The deposit is accessible all-year round via 187 km of improved unpaved roads from the town of Pevek (population of 4,000), which also happens to be a major seaport, and holds a local airport that is capable of accommodating a variety of commercial aircrafts. Spare parts and other supplies are delivered through the port of Pevek, from July to early November each year.


Mayskoye was first discovered in 1972 and was extensively explored between 1974 and 1986, mostly by surface diamond drilling. The deposit was the subject of several statutory feasibility studies conducted by both the Soviet Union and Russia. In 2004, Highland Gold acquired the licence for the deposit through a public auction, and by 2008, substantial infrastructure was built on site, including road access and accommodation. In the same year, a feasibility study was completed by Aker Kvaerner and the development of the underground mine commenced in the first quarter of 2008.

The Group acquired the property from Highland Gold in 2009 and incorporated Mayskoye into the Amursk POX hub in order to reduce capital costs necessary for the construction of a stand-alone processing plant. Construction of the Mayskoye concentrator began in 2010 and it was commissioned in 2012.

Gold mineralisation at Mayskoye is of the medium-sulphide, gold-pyrite-arsenopyrite type and is mostly associated with the steep quartz-feldspar dykes. Economic gold mineralisation is confined to high-grade gold-quartz-sulfide veins. Only 46 of more than 300 veins were subject to gold resource assessment, which were grouped into six mineralised zones to prioritise further mining operation scheduling. The average ore body width is 0.8 to 5.2 m and the zone of oxidation can be traced to a depth of 300 m. Gold in the oxidized zone can be found both in free and sulphide-associated forms.


Ore Reserves Tonnage, Mt Gold grade, g/t Silver grade, g/t Copper grade, % GE grade, g/t Gold, Koz Silver, Moz Copper, Kt GE, Koz
Total 7.7 7.0 - - 7.0 1,753 - - 1,753
Mineral Resources Tonnage, Mt Gold grade, g/t Silver grade, g/t Copper grade, % GE grade, g/t Gold, Koz Silver, Moz Copper, Kt GE, Koz
Total 11.3 9.1 - - 9.1 3,282 - - 3,282

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