Polymetal acquires Sibay MPP in Bashkiria for Novopetrovskoye field development

MOSCOW. April 16 (Interfax) - Polymetal is purchasing Sibay mining and processing plant (MPP) in Bashkortostan, with plans to restart operations at the currently mothballed processing plant for developing the Novopetrovskoye deposit, the company said.

The asset seller is Uchalinsky MPP (part of Ural Mining and Metallurgical Company, UMMC). The transaction amount remains undisclosed.

The processing plant's current capacity stands at 1.5 million tonnes of ore annually and includes all necessary infrastructure, including rail access. The asset requires modernization, which is scheduled for completion by 2028. This will enable processing not only all ore from Novopetrovskoye but also raw materials from other deposits, establishing the facility as Polymetal's regional production hub.

Preparations for Novopetrovskoye's development will begin this year, with first ore production planned for H2 2028. The mine's projected capacity is 1 million tonnes of ore annually.

As of early 2023, Novopetrovskoye's proven reserves totaled 10.4 million tonnes of ore, containing 1.8% copper, 3.6% zinc, 3.5 grams per tonne (g/t) of gold and 37.1 g/t of silver. The average copper equivalent grade is 5.2%.

JSC Polymetal is Russia's largest silver producer and a leading gold miner, with operations spanning Magadan and Sverdlovsk regions, Khabarovsk Territory, Yakutia and Chukotka. The company is currently owned by Sergei Yanchukov's Mangazeya Group.