Polymetal: Kutyn start-up (1445673)
20 Septiembre 2022 - 1:00AM
UK Regulatory
Polymetal International plc (POLY) Polymetal: Kutyn start-up
20-Sep-2022 / 09:00 MSK Dissemination of a Regulatory Announcement,
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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Release time IMMEDIATE LSE, MOEX, AIX: POLY
ADR: AUCOY
Date 20 September 2022
Polymetal International plc Kutyn start-up
Polymetal announces first gold production at Kutyn mine
(Amursk-Albazino hub). "Remote location, severe climate, and
unprecedented supply chain disruptions presented major challenges
at Kutyn. The project team successfully overcame all difficulties
to deliver first production six months ahead of the original
schedule. This achievement underscores Polymetal's outstanding
track record in project execution", said Vitaly Nesis, Group CEO of
Polymetal.
Following successful completion of construction and
commissioning activities, Kutyn heap leach facility produced first
6 Koz of gold. In 2022, production is expected to amount to 40 Koz
of gold. Full heap leach processing capacity of 1.3 Mtpa of ore
will be reached in 2023. Processing of the refractory ore at
Albazino concentrator will commence in 2025. Average annual output
from 2023 to 2030 will be approximately 100 Koz of gold with
average AISC of approximately USUSD 950/oz.
The construction was completed in 24 months after the Board's
project approval, six months ahead of the initial plan. Accelerated
development was made possible by effective planning, tight project
management, and creative approaches to supply chain issues. Project
CAPEX of approximately USUSD 110[1] million is USUSD 30 million
(38%) above the plan. CAPEX overrun was mostly due to expanded
scope (addition of refractory ore mining and ore haulage road),
higher fuel prices and COVID-19 impact on logistics, labor
costs.
JORC-compliant Ore Reserves at Kutyn are estimated at 12 Mt of
open-pit oxide and refractory ore containing 1.1 GE Moz at gold
equivalent grade of 2.9 g/t. Additional Mineral Resources amount to
2.5 Mt of ore containing 414 Koz of GE at 5.1 g/t.
Kutyn deposit is located in the Tugur-Chumikan District of the
Khabarovsk Territory, Far East Russia, 114 km north-west of the
Albazino mine and 600 km from Khabarovsk. The Kutyn site can be
accessed using a winter road from Albazino or by sea through the
seasonal port of Ulban on the Sea of Okhotsk.
Enquiries
Investor Relations
Polymetal ir@polymetalinternational.com
Evgeny Monakhov
Timofey Kulakov +44 20 7887 1475 (UK)
Kirill Kuznetsov
+7 812 334 3666 (Russia)
FORWARD-LOOKING STATEMENTS
This release may include statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements speak only as at the date of this release. These
forward-looking statements can be identified by the use of
forward-looking terminology, including the words "targets",
"believes", "expects", "aims", "intends", "will", "may",
"anticipates", "would", "could" or "should" or similar expressions
or, in each case their negative or other variations or by
discussion of strategies, plans, objectives, goals, future events
or intentions. These forward-looking statements all include matters
that are not historical facts. By their nature, such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the company's
control that could cause the actual results, performance or
achievements of the company to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the company's present and
future business strategies and the environment in which the company
will operate in the future. Forward-looking statements are not
guarantees of future performance. There are many factors that could
cause the company's actual results, performance or achievements to
differ materially from those expressed in such forward-looking
statements. The company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the company's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements
are based.
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[1] Excluding capitalized stripping and exploration costs.
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ISIN: JE00B6T5S470
Category Code: MSCM
TIDM: POLY
LEI Code: 213800JKJ5HJWYS4GR61
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 189050
EQS News ID: 1445673
End of Announcement EQS News Service
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