Polymetal inks sales deal, alliance with Blackham Resources
Precious metals firm Polymetal said it had signed a gold concentrate sales deal and strategic alliance agreement with Australian miner Blackham Resources.
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Polymetal will purchase refractory sulphide gold concentrates from Blackham's Wiluna expansion project, located roughly 750 kilometres northeast of Perth, Western Australia.
The FTSE 100-listed group also agreed to take the greater of 70% of refractory sulphide gold concentrate during the project's first three years of operation, or 122,500 tonnes of concentrate - containing at least 195,000 ounces of gold.
Upon expiration of the initial three-year period of Wiluna's expansion project, Polymetal will obtain exclusive offtake rights for as much as 100% of Blackham's concentrate production.
As of 0850 BST, Polymetal shares were up 3.71% at 1,427.50p.