Shareholders approved the divestment of on the Polymetal’s Russian business on 7 March 2024. The transaction presents the most viable opportunity for the Group to restore shareholder value by removing or substantially mitigating critical political, legal, financial and operational risks to the Polymetal Retained Group. Completion of the transaction is expected shortly.
Quick facts
| Location | Chukotka, Russia |
| Partner | Mineral Exploration Network (Finland) (MEN), share of Polymetal – 25%) |
| Mineralization | RIRGS (Reduced Intrusion-related Gold Systems) |
Project
In April 2019, Polymetal acquired 25% interest in the project located in Chaunsk region of Chukotka. Following completion of the first-year field program in 2020, Polymetal increased its stake to 80% by contributing RUB 60 million (US$ 0.9 million). Polymetal owns a
Geology
The prospective area of 84 km2 is located on the territory of Central Chukotka within one of the intrusive-domed structures that are common for this region. Ore occurrences are associated with the marginal part of the Matenvunay solid of Cretaceous porphyry granites, 50 km east of the Mayskoye deposit. Ore mineralization belongs to the gold-sulfide-quartz formation.
Progress
- In 2021, the annual exploration plan was not completed due to logistic challenges and unsatisfactory state of a contractor’s drilling equipment. Four drill holes with a total length of 801 m and 8,700 m3 of trenches were completed.
- In 2022, the Company is going to complete 2021 plans.