Albazino open pit mine. Credit: Polymetal International plc.

Russian precious metals miner Polymetal said it is going ahead with its $80m Kutyn gold project following board approval.

The Kutyn deposit is located in the Tugur-Chumikan District of the Khabarovsk Territory in Far East Russia. It is 114km north-west of the Albazino mine.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Pre-stripping at Kutyn will start in the third quarter of next year, with first ore set to be mined in 2022.

Albazino is an integral part of the Polymetal’s largest project, the Amursk POX Hub.

Polymetal said that the Kutyn asset’s production and financial results will be reported as a part of Albazino-Amursk segment.

The company is targeting first gold production at Kutyn in the second quarter of 2023. The mine is expected to produce about 90,000 ounces (oz) of gold a year, with all in sustaining cost (AISC) of only $590 per ounce.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Polymetal noted that management had decided not to proceed with a project to double underground mining capacity at Albazino to 1.2 million tonnes per annum (Mtpa).

Polymetal CEO Vitaly Nesis said: “After thorough evaluation the Board has concluded that Kutyn belongs in Polymetal’s asset portfolio.

“The key factors behind this decision are quick and capital-light path to significant free cash flows as well as potential for a long mine life as a part of the Albazino hub.”

The company expects life-of-mine (LOM) gold production to comprise 575,000oz.