M&A

Polymetal forms exploration JV in Taimyr

Polymetal (LSE:POLY) has formed its first joint venture (JV) with a junior explorer for in Russia’s Taimyr Peninsula.

Staff reporter
Polymetal is looking for further exploration projects in Russia along with its portfolio of working mines

Polymetal is looking for further exploration projects in Russia along with its portfolio of working mines

It declined to name the JV partner, although CEO Vitaly Nesis said it included a team of "talented and energetic" geologists to help explore the area's multiple traces of porphyry copper-molybdenum-gold mineralisation identified during historic reconnaissance activities.

"The goal is to bring together Polymetal's financial and permitting clout and junior's fresh thinking and fast decision-making," he said.

Polymetal will hold the majority 70% stake in the JV and invest US$1.9 million towards a field programme due to start after all regulatory approvals are received.

It will keep the option of increasing its stake to 100% after the initial JORC-compliant mineral resource estimate is completed.

Polymetal said it would continue to look for other investment opportunities and partnerships with junior explorers in Russia.

The company's shares have risen 42.6% in the past six months to the current £8.62 (US$11.23) per share.

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