7th Sep 2020 09:18
(Alliance News) - Polymetal International PLC on Monday said associate ThreeArc Mining Ltd has completed an initial mineral resource estimate for the Buranny area of Tomtor niobium and rare-earth metals project in Russia.
Polymetal owns 9.1% of ThreeArc.
The FTSE 100-listed precious metals mining company said mineral resources at Tomtor as at the end of December 2019 comprised 13.2 million tonnes of ore, containing 5.9%, or 775,000 tonnes, of niobium and 15%, or 2.0 million tonnes, of rare earth oxide.
The resource estimate is based on data from two exploration campaigns, Polymetal said, a preliminary one in 1990-1997 followed by a detailed campaign in 2014-2018.
The initial ore reserve estimate and pre-feasibility study are expected to be finalised in early 2021, the company noted.
"Tomtor's initial mineral resource estimate confirmed its large scale and substantial potential value. The next two milestones on the path to investment decision are the initial reserve estimate and completion of the pre-feasibility study, both expected in early 2021," said Vitaly Nesis, chief executive of Polymetal.
The stock was trading 3.7% higher in London on Monday at 1,989.00 pence a share.
By Evelina Grecenko; [email protected]
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