JSC Polymetal («Polymetal») is pleased to announce that public hearings were held to discuss the construction of an ore processing plant at the Company’s Albazino gold deposit in the Khabarovsk Territory
Download PDF version Printable version
Today, the Company presented proposed flowsheets and potential economic and ecological effects of constructing the ore processing plant at the Albazino deposit to residents of the Polin Osipenko region of the Khabarovsk Territory.
The Albazino deposit is an 82 sq. km. site located in the Polin Osipenko region of the Khabarovsk Territory - approximately 150 km. from Nikolaevsk-na-Amur. The project is being developed by Resources Albazino, a Polymetal subsidiary.
In 2007, Polymetal is planning to begin preparation for constructing two plants for the Albazino project - an ore processing plant on site and a gold concentrate processing facility in Amursk. Preliminary studies indicate that between now and 2010 (when Albazino is preliminarily scheduled to come into operation), total CapEx for the project will be between $150 and $200 million.
According to the results of the hearing, residents of Polin Osipenko expressed no objections to the construction of the ore processing plant at the Albazino deposit. Given that construction will fully comply with all Russian regulatory and legislative requirements and that the deposit is located in a remote region, the Company believes that there will be no negative effects on local communities.
During the hearings, local residents also expressed positive interest in the number of jobs that Resources Albazino may create in the region in the near future.
Commenting on today's announcement, Yury Degtarev, head of the Polin Osipenko adminstration, said: "Developing the Albazino deposit potentially creates new job opportunities for the local community, injects additional funds into the regional budget and allows for the further development of local infrastructure - particularly transportation infrastructure."
International Investor Relations Department
***
This release includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements are not guarantees of future performance. Many factors that could cause the Company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. These forward-looking statements speak only as at the date of this release. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.