- Polymetal International said it had formed a joint venture with a small explorer for early-stage exploration in Russia's Taimyr peninsula.

The company said it would hold 70% of the venture with the explorer, which it did not identify, by way of a an initial cash investment of $1.9m.

Polymetal would have the option to increase its stake in the project to 100% following the completion of an initial JORC-compliant mineral resource estimate.

'We are excited to form a partnership with a team of talented and energetic geologists,' chief executive Vitaly Nesis said.

'The goal is to bring together Polymetal's financial and permitting clout and junior's fresh thinking and fast decision-making.'

The prospective exploration area exhibits multiple traces of porphyry copper-molybdenum-gold mineralisation identified during historic reconnaissance activities.

Polymetal said it would continue to evaluate other investment opportunities and partnerships with junior explorers in Russia.

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