11 Jun 2024 16:31

Polymetal looking at assets in Central Asia, Middle East to reach 1 mln ounces per year

MOSCOW. June 11 (Interfax) - Polymetal , henceforth called Solidcore Resources, is seeking to double production to 1 million gold equivalent ounces per year year-on-year 2029, the company said in a presentation.

Output from existing assets should more or less be stable in the coming years, according to the forecast, though the company is considering M&A. Therefore, it is looking at assets that could be commissioned within two to three years and that could add at least $100 million to EBITDA in terms of greenfield and $50 million in terms of brownfield.

The company is considering assets primarily in Kazakhstan, where it already operates, and Tajikistan, as well as in Uzbekistan, Azerbaijan, Oman and Saudi Arabia.

The company would also like to diversify its product portfolio with base metals, including copper, CEO Vitaly Nesis said during an Investor Day event.