Generation of sustained cash-flow

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 Khabarovsk Territory, Russia
Ownership 100%
Operating mines Svetloye
Key exploration projects Svetloye flanks
Mining Open pit
Processing 1.3 Mtpa heap leaching circuit
Ore reserves (JORC) 0.3 Moz GE, 2.8 g/t average grade
Mineral resources (JORC) 0.1 Moz GE, 1.4 g/t average grade
Production start date 2016
Life of mine 2026
Employees 641
Key 2022 numbers
US$893 GE/oz Total cash costs

In 2018, the Company implemented two green energy pilot projects at Svetloye which otherwise relies on diesel gensets: we were the first mining company in Russia to install solar power plant, with a capacity of 1 MW to supply Svetloye main production site, and a wind a wind turbine for 100 kW at the seaport of Unchi — local supply hub for Svetloye. As a result, we expect to generate 1,500 kW*h of environmentally-friendly electricity each year, resulting in a reduction of 640 tonnes in GHG emissions annually.

Location History Geology Operations Reserves and Resources

Svetloye is located in the Okhotsk district of the Khabarovsk Krai in the Far East of Russia. The project lies in unpopulated remote mountainous area with taiga forest in the valleys and tundra covering hilltops.

Svetloye is located 240km south-west of Okhotsk, the access port for Khakanja mine (sold in 2018). It is accessible by a 380 km winter road from Okhotsk and by 92 km winter road from Unchi seaport which will be used for delivery of fuel and supplies during the summer navigation period. Between May and November access to the site is by helicopter.


The deposit was discovered in 1973. Significant exploration was undertaken between 2003 and 2005 with a total of 38 trenches excavated and 28 diamond drillholes drilled. Between 2006 and 2009 further 62 trenches were excavated and 273 diamond drillholes drilled. Total drilling amounted to 42,730 m and total trenching comprised 124,994 m3.

Polymetal acquired Svetloye exploration and mining license in December 2010 for the total consideration of US$ 9.25 million. In 2013 Polymetal drilled 17 diamond drillholes totaling 2,956 m and 33 reverse circulation (RC) drillholes totaling 6,474 m.

The construction at Svetloye has been completed nine months ahead of the original schedule. Total capital expenditure comprised US$ 60 million, which is 33% below initial project estimates, primarily driven by the significant devaluation of the Russian Rouble since the start of construction in 2014. The leaching process commenced on 15 August 2016 and the first 10 Koz of gold were produced at the Merrill Crowe circuit on 29 August 2016.

Gold mineralisation at Svetloye is formed by vuggy silica (secondary quartzite) associated with a high-sulphidation epithermal system. Most of gold mineralisation is very fine grained and disseminated. Gold-bearing silicification occurs as flat lenses or pods, which outcrop at the surface and have true widths of between 20 and 120 m. Higher-grade zones are adjacent to breccias. The oxidation zone develops to a depth of 150 m.

Three ore zones (Emmy, Elena and Tamara) are proposed to be mined at Svetloye. Open pit mining will be conducted by conventional drill-and-blast and truck haulage. The average strip ratio over the life of the mine is 1.4 t/t. The open pits will reach the maximum depth of 130 meters.


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 3.7 2.8 - - 2.8 328 - - 328
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 3.2 1.4 - - 1.4 139 - - 139

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