20 Mar 2023 13:34

Polymetal sells East Tarutinskoye project in Kazakhstan to RCC for $7 mln

MOSCOW. March 20 (Interfax) - Polymetal sold the Tarutinskoye subsidiary, operator of the East Tarutinskoye copper-gold project Kazakhstan, for $7 million in December, the Russian gold miner said in a financial report to International Financial Reporting Standards.

Polymetal recognized a loss on disposal of subsidiary of $2 million.

Tarutinskoye itself said is new owner was Russian Copper Company's (RCC) Mikheyevsky GOK.

RCC used to own the asset: in the spring of 2018, Polymetal entered into an agreement with RCC to swap its Tarutinskoye deposit in Russia's Chelyabinsk region, about 30 km from Mikheyevsky GOK, for the East Tarutinskoye deposit 110 km across the border in Kazakhstan and on the same side of the border as Polymetal's Varvara ore mill.

As of 2018, the East Tarutinskoye deposit had JORC-compliant resources of about 6.4 million tonnes of ore with a copper content of 1.06% or 68,000 tonnes and gold 0.07 g/tonnes or 450 kg, amounting to 354 koz of gold equivalent.