- Precious metals miner Polymetal International said it had acquired an initial 35% stake in a Russian joint venture for $0.5 million.

The venture was with a junior miner and involved an exploration license for the Pekinskaya area in Taimyr Peninsula, which adjoined the existing Taimyr JV.

Polymetal said it could acquire up to 70% interest of the Pekinskaya JV by funding RUB 173 million in cash (around $2.3 million) of exploration expenditures in three stages.

'Through this new joint venture Polymetal has expanded its footprint in the highly prospective Taimyr region with the potential to discover a significant copper-gold porphyry mineralisation,' chief executive Vitaly Nesis said.

'We continue to be committed to further development of our exploration portfolio through partnerships with juniors in the regions of our presence.'

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