Polymetal ups stake in Baksy project in Kazakhstan to 75%

MOSCOW. July 10 (Interfax) - Polymetal has increased its effective interest in the Baksy property in Kazakhstan to 75% by exercising its option to buy out one of the project's shareholders, the miner said in a press release.

Polymetal previously owned 7.5% of the project. State-owned JSC Kazgeology owns the remaining 25%.

"Baksy fits the company's strategy of focusing on copper-gold assets and expanding presence in Kazakhstan. We plan to continue active exploration and expect the JORC-compliant ore reserve estimate and positive production decision in 2024", said Vitaly Nesis, CEO of Polymetal International plc.

Polymetal acquired an indirect 7.5% interest in the project in 2019 and was granted an option to increase its interest to 75% by providing exploration funding through issuing loans.

The Baksy license area is 776 km2 and is located 300 km from the Polymetal-owned Varvara processing plant, in the North Kazakhstan region.