Polymetal ships first gold concentrate from Kyzyl
Polymetal International announced on Monday that it has shipped first concentrate from Kyzyl, to China.
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16:35 31/07/23
The FTSE 250 company said that on 18 August, about 2000 tonnes of gold concentrate was shipped by rail to an off-taker in China.
It said concentrate shipments to the Amursk POX hub were expected to start next month.
In the meantime, the ramp-up of Kyzyl was running according to plan, the firm said.
By October, the operation was projected to achieve its nameplate capacity of 150 Kt per month and recoveries of 86%.
Polymetal said it planned to produce 80 Koz of payable gold at Kyzyl this year, ramping up production to 280 Koz in 2019 and 330 Koz thereafter at an all-in sustaining cost of between $500 and $550 per ounce.
“The first shipment of gold concentrate from Kyzyl is a major milestone bringing the company closer to first cash flow from the asset,” said Polymetal group CEO Vitaly Nesis.