- Mining group Polymetal International said grid management company UVES had agreed to start construction of a grid power line and substation for its Nezhda gold project in Russia.

UVES's work would be funded by Far East and Arctic Development Fund and Credit Bank of Moscow.

Upon the construction completion scheduled for the second quarter of 2022, the facility would be leased out to Polymetal on pre-agreed terms.

Capital expenditure on the power line was expected to be RUB 6.0bn, or about $86m.

The project was fully permitted with construction set to start in July.

'Grid power enhances the economics of Nezhda and drastically reduces its environmental footprint,' Polymetal chief executive Vitaly Nesis said.

'Long-term project funding from FEDF supported by a highly experienced management team ensures successful execution of the project and allows us to preserve our focus on the key business.'

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