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 | Krasnoyarsk region, Taimyr Peninsula, Russia |
| Partner | Independent junior company, hare of Polymetal – 70% |
| Mineralization | Porphyry, Cu-Au |
Project
Polymetal holds 70% in the Taimyr JV project with an option to earn further 30% following the completion of an initial JORC-compliant Mineral Resource estimate.
Geology
Exploration is carried out on 262 km2 area in the northeastern part of the Central Arctic gold-bearing Cu-Mo porphyry belt, which is distinguished by geologists along the northern coast of the Taimyr Peninsula (Krasnoyarsk Territory, Russia). Prospecting and exploration works are focused on discovering gold-copper porphyry mineralization.
Progress
- In 2021, the Company carried out 3.5 km of core drilling, geophysical and geochemical works. Two copper mineralization areas as well as several promising anomalies of copper and gold were identified.
- In 2022, JV will continue exploration at the identified mineralization and promising geochemical anomalies.