Polymetal International, a Russian gold and silver producer, has successfully produced gold and silver concentrate at the Nezhda open-pit mine concentrator, two weeks ahead of schedule.
The company said the gold and concentrate was produced on 16 October 2021, ahead of the original target of 1 November.
The concentrator will enter a ramp-up period and will reach a total capacity of two million tonnes per year by April 2022; it will cost approximately $370 million.
Polymetal plans to produce up to 30 ounces of Koz of Gold Equivalent at the mine, with an average production of 180 Koz per year in 2022-2024.
Vitaly Nesis, group chief executive officer of Polymetal, said the production demonstrates the company's "strength in the face of multiple challenges". Additionally, Nesis said the mine should ramp up to total capacity and generate free cash flows by Q2 2022.
