20 Aug 2018 10:40

Polymetal ships first concentrate from Kyzyl, expects to reach design capacity by Oct

MOSCOW. Aug 20 (Interfax) - Polymetal , Russia's largest silver producer and one of the country's biggest gold miners, has shipped the first gold concentrate to China from its Kyzyl operation.

About 2,000 tonnes of gold concentrate was shipped by rail to an off-taker in China, the company said. Concentrate shipments to the Amursk POX hub are expected to start next month.

The "ramp up of Kyzyl is running according to plan," Polymetal said. "By October, the operation is projected to achieve its nameplate capacity of 150,000 tonnes per month and recoveries of 86%. Polymetal plans to produce 80,000 ounces of payable gold at Kyzyl this year, ramping up production to 280,000 ounces in 2019 and 330,000 ounces thereafter at all-in sustaining costs (AISC) of approximately $500-$550/oz," the company said.