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FEDF will provide up to RUB 11 bln for Polymetal projects in Far East

The Far East Development Fund (FEDF) and Polymetal Group (gold mining) have agreed to join hands for implementing projects in the Far Eastern Federal District and in the Arctic, the Fund reports. A respective agreement has been signed at the Eastern Economic Forum.

The FEDF will contemplate the financing of two large-scale projects proposed by the Group. One of Asia-Pacific Region’s largest facilities for advanced processing of gold-sulphide concentrates at the premises of Amur Hydrometallurgical Plant (AGMK, Komsomolsk ASEZ) is being created in the Khabarovsk Territory. In Yakutia, the Fund may support a power infrastructure project for the mining and processing plant on the Nezhdaninskoye gold field.

The financing that could be allocated by the Fund for both projects may come to RUB 11 bln. As per the release, the funds will be provided as long-term loans at the rate of 5% per annum.

The new facility for pressure-oxidation processing of refractory and double-refractory gold ore concentrates will be created alongside the already operating enterprise. Modern technologies will make it possible to extract an average of 96% of gold from concentrates and will make their debut in Russia (currently, Russia ships double-refractory ore concentrates to China for processing). The expansion will allow an increase in capacity from 200,000 tonnes to 500,000 tonnes of concentrate per year.

In Yakutia, the FEDF is supporting a review of the feasibility study for construction on a 250-km overhead power line on the Khandyga — Nezhdaninskoye section and Nezhdaninskoye substation to supply the mining and processing plant (MPP) in the Nezhdaninskoye gold field. The concentrate will then be delivered to the Amur Hydrometallurgical Plant for further processing.

“The project of a high-temperature pressure chamber at the Amur Hydrometallurgical Plant is strategic both for Polymetal and for the region as well as for the entire industry and will ensure an undeniable competitive advantage in the processing of double-refractory gold ore concentrates. We are happy to secure the support of the Fund and hope that we will cooperate in some other projects, including the construction of power infrastructure in the Nezhdaninskoye gold field”, said Vitaly Nesis, CEO Polymetal.