20th Sep 2013 07:56
LONDON (Alliance News) - Polymetal International PLC Friday said its Vostochny Basis joint venture has won a contest for a copper exploration and mining licence in the Tarutin area in Russia.
The joint venture, in which it Polymetal owns a 25% stake, will pay RUB15 million, or about USD500,000, for the licence and had undertaken to complete no less than 11,000 metres of exploration drilling during the first four years after the licence is issued.
Tarutin is a conventional copper-gold skarn mineralisation with approximately 260,000 tonnes of copper contained in open-pittable resources, the company said.
Polymetal's shares were down 2.3% at 689 pence early Friday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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