Polymetal ships first gold concentrate from Kyzyl

Polymetal International announced on Monday that it has shipped first concentrate from Kyzyl, to China.

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.