Polymetal Signs MoU With German Underground EV Developer SMT Scharf

Gold and silver producer Polymetal International plc (POLY.L) announced Wednesday the signing of Memorandum of Understanding with SMT Scharf AG, German manufacturer of transportation equipment for underground mining as well as for tunnel construction. The deal is for a potential strategic cooperation in underground electric vehicles or EV development in line with its climate strategy.

The companies agreed to cooperate in development, implementation and testing of zero-emission battery EVs. Initially, the companies will focus on mid-ranged LHDs and trucks, with potential involvement of drill rigs and utility vehicles in the future.

During the one-year trial, two pairs of units, such as LHD+Truck, will be tested at Polymetal's operations, with further collaborative re-design, signing of distribution agreement and establishment of after-sales support centre.

The strategic cooperation is set to last for 10 years with an opportunity for further extension.

Vitaly Savchenko, COO of Polymetal, said, "The partnership with SMT grants us an easy access to customisable battery electric vehicles which could positively contribute to our operating costs dynamics, GHG emissions and personnel safety at underground mines. It fits well into our strategy to gradually involve EVs across the Group's operations and marks another step towards cutting carbon emissions by 5% in 2023."

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