- Precious metal miner Polymetal International said it had approved construction of the $80 million Kutyn project in far eastern Russia.

Conventional open-pit mining would commence with pre-stripping in the third quarter of 2021, with first ore mined in the first quarter of 2022.

Ore reserves at the project at 1 October 2019 were estimated at 8.4 million tones of oxide ore, with an average grade of 3.0 grams per tone containing 0.812 million ounces of of gold.

'After thorough evaluation the board has concluded that Kutyn belongs in Polymetal's asset portfolio,' chief executive Vitaly Nesis said.

'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.'

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