- Mining company Polymetal International said ThreeArc Mining, in which it held a 9.1% stake, had completed an initial mineral resource estimate for the Buranny area of niobium and rare-earth metals project in Tomtor, Russia.

Mineral resources at the end of December comprised 13.2m tones of ore available for open-pit mining, the company said.

AN initial ore reserve estimate and pre-feasibility Study were expected to be finalised in early 2021.

'Tomtor's initial mineral resource estimate confirmed its large scale and substantial potential value,' Polymetal chief executive Vitaly Nesis said.

'The next two milestones on the path to investment decision are the initial reserve estimate and completion of the PFS, both expected in early 2021.'

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