Polymetal plans to undertake exploration work at the Baksy project. Credit: Jandira Sonnendeck on Unsplash.

Anglo-Russian precious metals mining company Polymetal International has exercised its option to increase its stake in the Baksy property in Kazakhstan to 75% by buying out one of the project’s shareholders.

By exercising the option, Polymetal’s stake in the project has been increased from 7.5% to 75%. The remaining 25% stake is held by state-owned JSC Kazgeology.

Related Company Profiles

View all

In 2019, Polymetal purchased a 7.5% indirect stake in the project. At the time, the company was granted an option to increase its interest to 75% by providing exploration funding through issuing loans.

During 2019–22, Polymetal carried out 20km of diamond core drilling at the Baksy property.

Polymetal International group CEO Vitaly Nesis said: “Baksy fits the company’s strategy of focusing on copper-gold assets and expanding its presence in Kazakhstan. We plan to continue active exploration and expect the JORC-compliant ore reserve estimate and positive production decision in 2024.”

See Also:

Covering a total licence area of 776km², the Baksy project is located 300km from the Polymetal-owned Varvara processing plant in northern Kazakhstan.

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.

In a press statement, Polymetal said: “The area has an excellent industrial infrastructure with power lines and railway spur immediately adjacent to licence boundaries.

“Mineralisation is located within the external contact of a large granitic intrusion and comprises high-grade skarns, as well as disseminated stockwork. The geological structure of the Baksy licence area represents many characteristics typical of large-scale copper-gold deposits.”

Polymetal plans to undertake exploration work, which will focus on identifying additional high-grade areas and assessing the economic potential of the large-scale, lower-grade central area.