Polymetal ships first 2,000 tonnes of gold from Kazakhstan mine
Precious metals miner Polymetal has shipped the first 2,000 tonnes from its new gold mine in Kazakhstan to China.
Polymetal International acquired the Kyzyl mine in 2014 for $618.5m and has taken a significant step towards its first cash flow from the project.
Approximately 2,000 tonnes of gold concentrate were shipped by rail to an off-taker in China.
It said the ramp up of operations at Kyzyl was going to plan and should achieve 150kt per month by October.
Concentrate shipments to the Amursk POX hub – the company's processing plant in Russia – will begin in September, a month ahead of schedule.
Chief executive, Vitaly Nesis, said: “The first shipment of gold concentrate from Kyzyl is a major milestone bringing the company closer to the first cash from the asset.”
Following the announcement, the company's share price rose by 2.2 per cent in early trading.