Polymetal board approves new site

Shares in FTSE 100 precious metals miner Polymetal International (LON:POLY) dropped 2.36% to 1,651.50p (as of 16:10 BST) after the board approved construction work at the Kutyn project. The $80 million project will build towards open-pit mining producing ore in early 2022. First gold is expected to be in mid-2023.

CEO Vitaly Nesis commented: “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“.