Polymetal plans to put Tarutinskoye copper deposit on stream in 2017
CHELYABINSK. Sept 15 (Interfax) - LLC Vostochny Bazis, which is half-owned by gold and silver miner Polymetal, plans to put the Tarutinskoye copper-porphyry field in the Chelyabinsk region commercially on stream in 2017, the regional governor's press office said in a statement, quoting Vitaly Nesis, CEO of Polymetal.
The mine will produce around 600,000 tonnes of ore year.
Extensive exploration has been carried out at the field in the last 18 months, and preparations are under way to list reserves with the State Reserves Commission (GKZ).
The ore will be mined by the open cast method and shipped by road and rail for processing at Polymetal's Varvara concentrating plant in Kazakhstan.
Polymetal has also received the license to another major field, Mogutovskoye, in the Chelyabinsk region's Bredinsky district.
LLC Vostochny Bazis won a 15-year license to Tarutinskoye at an auction in September 2013, bidding 15 million rubles. In 2013-2014, Polymetal appraised resources to a depth of 200 meters to JORC standards. As of January 1, 2015, reserves were estimated at 30,000 oz gold , 2.324 million oz silver and 101,000 tonnes copper.