Polymetal Board Okays Construction Of $80 Mln Kutyn Project

Polymetal (POLY.L) announced that its Board has approved construction of the US$80 million Kutyn project.

The company noted that JORC-compliant Ore Reserves for Kutyn, using US$ 1,300/oz gold price, as at 1 October 2019 are estimated at 8.4 Mt of oxide ore with an average grade of 3.0 g/t containing 0.812 Moz of gold.

Further, the company expects LOM gold production to comprise 575 Koz. Average annual output from 2023 to 2028 is estimated at roughly 90 Koz with an average AISC of US$ 590/oz. First gold is expected to be produced in Q2 2023.

"After thorough evaluation the Board has concluded that Kutyn belongs in Polymetal's asset portfolio. The key factors behind this decision are quick and capital-light path to significant free cash flows as well as potential for a long mine life as a part of the Albazino hub", said Vitaly Nesis, CEO of Polymetal.

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