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Polymetal: Kutyn construction approval

·6-min read

Polymetal International plc (POLY)
06-Oct-2020 / 09:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

 

 

Polymetal International plc

Kutyn construction approval

Polymetal announces that the Board of Directors has approved construction of the US$ 80 million Kutyn project.

"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.

PROJECT Highlights

ABOUT KUTYN

Kutyn deposit is located in the Tugur-Chumikan District of the Khabarovsk Territory, Far East Russia, 114 km north-west of the Albazino mine. 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. The combined mining and exploration license covers an area of 120 km2.

Tugur-Chumikan District has a population of more than 2,500 people including 1,579 people of Indigenous Minorities of the North. The project will have positive social impacts in the region of operation as more than 300 new jobs covered by collective agreement will be created. Polymetal is also committed to contribute towards development of local communities via investments in infrastructure, running education programmes, sport and cultural events.

Kutyn will employ dry stacking of tailings, which is the safest tailings storage technology.

 

About Polymetal 

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.

Enquiries

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.

 

 


Release time

IMMEDIATE                        LSE, MOEX, AIX: POLY / ADR: AUCOY

Date

6 October 2020

Media

 

Investor Relations

FTI Consulting

Leonid Fink

Viktor Pomichal

+44 20 3727 1000

Polymetal

Evgeny Monakhov

Timofey Kulakov

Kirill Kuznetsov

ir@polymetalinternational.com

+44 20 7887 1475 (UK)

 

+7 812 334 3666 (Russia)

Joint Corporate Brokers

 

Morgan Stanley & Co. International plc

Andrew Foster

Richard Brown


Panmure Gordon

Daniel Norman

John Prior

+44 20 7425 8000

 

 

 

 

+44 20 7886 2500

RBC Europe Limited

Marcus Jackson

Jamil Miah

+44 20 7653 4000

Release time

IMMEDIATE                        LSE, MOEX, AIX: POLY / ADR: AUCOY

Date

6 October 2020

Media

 

Investor Relations

FTI Consulting

Leonid Fink

Viktor Pomichal

+44 20 3727 1000

Polymetal

Evgeny Monakhov

Timofey Kulakov

Kirill Kuznetsov

ir@polymetalinternational.com

+44 20 7887 1475 (UK)

 

+7 812 334 3666 (Russia)

Joint Corporate Brokers

 

Morgan Stanley & Co. International plc

Andrew Foster

Richard Brown


Panmure Gordon

Daniel Norman

John Prior

+44 20 7425 8000

 

 

 

 

+44 20 7886 2500

RBC Europe Limited

Marcus Jackson

Jamil Miah

+44 20 7653 4000

ISIN:

JE00B6T5S470

Category Code:

MSCM

TIDM:

POLY

Sequence No.:

85459

EQS News ID:

1139022


 

End of Announcement

EQS News Service

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