Polymetal agrees on new concentrate supplies to China
MOSCOW. July 14 (Interfax) - Polymetal, Russia's largest silver producer and one of the country's biggest gold miners, has reached agreements to sign three contracts with processing plants in China on concentrate shipments from the Maiskoye deposit in Chukotka, the company reported.
This will include one long-term agreement for five years, Polymetal said.
Concentrate shipments to China will begin in August.
In the first half of 2015, gold from Maiskoye was produced only through the company's own processing at the Amursk POX Hub in Khabarovsk Territory, from concentrate delivered during the navigation period of 2014. Concentrate being produced at Maiskoye now is being stored at the Pevek port for the start of the navigation period in July.
Production of gold in concentrate at the Maiskoye plant rose by 4% year-on-year to 91,400 ounces in the first half of 2015. Production of gold from Maiskoye concentrate surged almost tenfold to 20,400 ounces.
Polymetal processes some concentrate from Maiskoye at the Amursk hub and ships a portion to China under off-take contracts. In 2014, Polymetal shipped about 35% of Maiskoye concentrate to Amursk. The company said earlier that in 2015 it expects to process 40-50% at Amursk.
