19th Apr 2021 10:26
(Alliance News) - Polymetal International PLC on Monday hailed its investee ThreeArc Mining Ltd's Tomtor asset as one of the world's leading rare earths projects.
ThreeArc completed an initial ore reserve estimate at the project in Russia. Polymetal has a 9.1% stake in ThreeArc.
The project has 11.4 million tonnes of total probable reserves, according to the estimate. The JORC-compliant estimate places Tomtor as "one of the top-three rare earths projects globally by reserves", Polymetal said.
Polymetal Chief Executive Vitaly Nesis added: "Tomtor confirmed its scale and grade as one of the premier niobium and rare earths deposits globally. The project team will now focus on completion of a bankable feasibility study, paving the way for the investment decision. Permitting issues and a Covid-related slowdown in offshore engineering work remain the key challenges for the project."
Polymetal shares were 1.9% higher at 1,586.44 pence each in London on Monday morning.
By Eric Cunha; [email protected]
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