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Polymetal saved red metal

Polymetal saved red metal

27 September 2013, 14:25
Tags: Polymetal, copper

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Company East basis (in the authorized capital of the holding company which owns 25% of Polymetal) won the tender for the right to use natural resources for exploration, development and mining of copper ores at Tarutinsky site.

The site area is 1.8 km2 and is located 28 km from the city of Chesma (Chelyabinsk region). The region's infrastructure, where the licensed area is located, is well developed; the train station is 20 km away.

East Basis pays 15 million rubles. (approximately $ 0.5 million) for the license and shall complete the exploratory drilling in the amount of no less than 11 thousand meters within the irst 4 years after issuance of the license, as IMS "Metal Supply and Sales" reports.

Forecast resources Tarutino area is about 260 thousand tons of copper.