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Polymetal International plc (POLY)
Polymetal: Polymetal and Blackham Resources Strategic Alliance and Offtake
Agreement
31-March-2020 / 09:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR:
AUCOY
Date 31 March 2020
Polymetal International plc
Polymetal and Blackham Resources Strategic Alliance and Offtake Agreement
Polymetal is pleased to announce a refractory gold concentrate offtake
agreement and Strategic Alliance ("Alliance") with Blackham Resources
("BLK"), an Australian gold mining company.
Highlights
• Polymetal and BLK entered into an offtake agreement for the greater of
(i) 70% of refractory sulphide gold concentrate ("Concentrate") from
BLK's Wiluna Stage 1 expansion project during its first three years of
operation or (ii) 122.5 thousand tonnes of Concentrate containing at
least 195 Koz of gold.
• Upon expiration of the initial three-year period of Stage 1 and during
Stage 2 of the Wiluna expansion project, Polymetal will obtain
exclusive offtake rights for up to 100% of BLK's Concentrate
production.
• The Alliance will establish a process of two-way technical data
sharing in respect of the potential expansion of Wiluna Concentrate
production and certain regional projects.
• The Alliance aims at reducing the global environmental footprint of
refractory sulphide gold ores and concentrates processing as its key
long-term goal.
"Using POX technology to process refractory gold concentrates results in
the smallest environmental footprint. Our collaboration with BLK addresses
a crucial challenge of the global gold mining industry and leverages
Polymetal's core technical capabilities", said Vitaly Nesis, Group CEO of
Polymetal.
About BLK
Blackham Resources Limited is a Perth based, ASX listed gold mining
company that owns 100% of the Wiluna gold operation located in Australia's
biggest gold belt. The operation has large defined Mineral Resources of
6.4 Moz of gold at a grade of 2.1 g/t.
The Wiluna deposit is located close to the town of Wiluna, approximately
750 km northeast of Perth. Wiluna ores are either oxide, refractory
sulphide, or quartz reef free-milling ores, with most gold occurring
within fine-grained sulphides. Currently the only operating CIL plant is
treating oxide ores from both Wiluna and other nearby mining centres. The
company implements the expansion project to unlock the value of refractory
ores which comprises of two stages. Stage 1 assumes 110 Koz average annual
gold production from sulphide ores during 2021-2027 following by Stage 2
of expansion which will see an increase of annual production to 250 Koz of
gold for more than 10 years.
About Polymetal
Polymetal International plc (together with its subsidiaries - "Polymetal",
the "Company", or the "Group") is a top-20 global gold producer and a
top-5 global silver producer with assets in Russia and Kazakhstan. The
Company combines strong growth with a robust dividend yield.
Enquiries
Media Investor Relations
Polymetal
1 ir@polymetalinternational.com
FTI Consulting Evgeny
+44 20 Monakhov +44 20 7887 1475 (UK)
Leonid Fink 3727
1000 Timofey
Viktor Pomichal Kulakov
+7 812 334 3666 (Russia)
Kirill
Kuznetsov
Joint Corporate Brokers
+44 20
7425
Morgan Stanley & Co. 8000
International plc
RBC Europe
Andrew Foster Limited
Richard Brown Marcus +44 20 7653 4000
Jackson
Panmure Gordon
Jamil Miah
James Stearns
+44 20
7886
2500
Forward-looking statements
This release may include statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements speak only
as at the date of this release. These forward-looking statements can be
identified by the use of forward-looking terminology, including the words
"targets", "believes", "expects", "aims", "intends", "will", "may",
"anticipates", "would", "could" or "should" or similar expressions or, in
each case their negative or other variations or by discussion of
strategies, plans, objectives, goals, future events or intentions. These
forward-looking statements all include matters that are not historical
facts. By their nature, such forward-looking statements involve known and
unknown risks, uncertainties and other important factors beyond the
company's control that could cause the actual results, performance or
achievements of the company to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are based on
numerous assumptions regarding the company's present and future business
strategies and the environment in which the company will operate in the
future. Forward-looking statements are not guarantees of future
performance. There are many factors that could cause the company's actual
results, performance or achievements to differ materially from those
expressed in such forward-looking statements. The company expressly
disclaims any obligation or undertaking to disseminate any updates or
revisions to any forward-looking statements contained herein to reflect
any change in the company's expectations with regard thereto or any change
in events, conditions or circumstances on which any such statements are
based.
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ISIN: JE00B6T5S470
Category Code: MSCM
TIDM: POLY
Sequence No.: 55540
EQS News ID: 1011133
End of Announcement EQS News Service
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References
Visible links
1. mailto:ir@polymetalinternational.com
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