Polymetal International plc
Polymetal International plc
- ISIN: JE00B6T5S470
- Land: Jersey
Nachricht vom 19.04.2021 | 08:00
Polymetal: Tomtor initial Ore Reserve estimate
Polymetal International plc (POLY)
Polymetal International plc
Tomtor initial Ore Reserve estimate
Polymetal announces that its associate ThreeArc Mining Ltd. (ThreeArc, in which Polymetal owns 9.1%) has completed an initial Ore Reserve estimate in accordance with the JORC Code (2012) for the Buranny area of the Tomtor niobium and rare-earth metals project (Tomtor).
"Tomtor confirmed its scale and grade as one of the premier niobium and rare earths deposits globally", said Vitaly Nesis, Group CEO of Polymetal. "The project team will now focus on completion of a bankable feasibility study, paving the way for the investment decision. Permitting issues and a Covid-related slowdown in offshore engineering work remain the key challenges for the project".
ORE RESERVE AND MINERAL RESOURCE STATEMENT
The Ore Reserve and Mineral Resource estimates are classified in accordance with the JORC Code (2012) as at 31 December 2019 using the following prices: US$ 23.9/kg of Nb2O5, US$ 53.5/kg of Pr6O11, US$ 48.5/kg of Nd2O3, US$ 20.80 / kg carbonate concentrate of medium and heavy rare earths (Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu, Y) and at 7.8% Nb2O5 Equivalent cut-off grade. Any discrepancies in calculations are due to rounding.
Tomtor Ore Reserve estimate
Tomtor Additional Mineral Resource estimate
Tomtor is located in the north-west of Yakutia. It is one of the largest and highest grade rare earth elements (REE) projects globally and considered to be the highest grade development stage niobium (Nb) project in the world. The deposit was discovered in 1977 with initial statutory reserves approved in 1999. In 2013, ICT established ThreeArc Mining Ltd., a subsidiary of which purchased the Tomtor license subsequently. In March 2020, Polymetal acquired a 9.1% stake in ThreeArc for US$ 20 million. The proceeds were allocated to developing the Pre-Feasibility Study and preparing the initial Ore Reserve and Mineral Resource estimate.
The Ore Reserves estimate was compiled by David Pearce, who is employed full-time by SRK Consulting (Russia) Ltd, as a Principal Mining Consultant and Managing Director. Mr Pearce is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), and has sufficient experience relevant to the mining method and type of deposit under consideration, and to the engineering solutions proposed for developing the project, to qualify as a Competent Person as defined by the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code).
The Mineral Resource estimate was compiled by Robin Simpson, who is employed full-time by SRK Consulting (Russia) Ltd, as a Principal Consultant (Resource Geology). Mr Simpson is a Member of the Australian Institute of Geoscientists (AIG), and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code).
The Competent Persons have given their consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Polymetal International plc (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is a top-10 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield.
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.
 Niobium oxide.
 Rare earth oxides.
 Nd - Neodymium, Pr - Praseodymium.
|EQS News ID:||1185950|
|End of Announcement||EQS News Service|
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