PRECIOUS METALS

Polymetal ships first Kyzyl gold concentrate

Polymetal International (LSE:POLY) has moved closer to achieving first cash flow from its Kyzyl gold mine in the eastern Kazakhstan after first concentrate was shipped to China.

Staff reporter
First gold concentrate has been shipped from Polymetal's Kyzyl mine

First gold concentrate has been shipped from Polymetal's Kyzyl mine

The company shipped about 2,000 tonnes of gold concentrate via rail to an unnamed offtaker in China on August 18.

In February, Polymetal signed an offtake deal for about 50% of the new Kyzyl mine's gold concentrate production this year.

It said it expected to start concentrate shipments to the Amursk POX hub in September.

Polymetal said Kyzyl was also ramping up according to plan, with nameplate capacity of 150,000 tonnes per month expected to be reached by October, with recoveries forecast to be 86%.

It said it planned to produce 80,000 ounces of payable gold at Kyzyl in 2018, with output increasing to 280,000oz ion 2019 and 330,000oz thereafter at an all-in sustaining cost of around US$500-5550 per ounce.

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