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Quick facts

Location North-western Kazakhstan
Mining Open pit
Processing 1,050 Ktpa Flotation
3,150 Ktpa CIL
Ore reserves* 1.5 Moz GE, 1.3 g/t average grade
Mineral resources* 2.1 Moz GE, 1.8 g/t average grade
Production start date 2007
Life of mine 2030

2015 Results

Production FY 2016
80.4 Gold (Koz), 839 Copper (t)
Adj EBITDA
US$ 25 mln
Capex 
US$ 15 mln
TCC 
$818/oz (GE)


Overview

Varvara is a fast-growing standalone gold and copper mine – Polymetal’s first project in Kazakhstan, acquired in 2009. It consists of the open-pit mine and a modern processing plant with a capacity of 4.2 Mtpa and has excellent transport infrastructure, inexpensive energy and promising development potential to become a processing hub to treat ore from several smaller deposits in the surrounding region.

Location

Varvara is situated in north-western Kazakhstan, 130 km south-west of the regional centre of Kostanai, 35 km from the district centre of Taranovka (which has a population of approximately 29 thousand people) and 4 km from the border with Russia. Kazakhstan, one of the most attractive gold and copper mining regions in the CIS. The surrounding area is flat steppe with significant agricultural activity. Varvara is accessible by the main paved road network from Kostanai. Railway access is available at Tobol (65 km away) and Bataly (15 km away). The site has access to a local power grid.

In July 2015 Polymetal completed construction and launched 13 km railway spur to facilitate bulk transportation of ores from other deposits to the Varvara processing plant.

* GE = gold equivalent. Ore Reserves and Mineral Resources are in accordance with the JORC Code (2012). Mineral resources are calculated in addition to ore reserves

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Click here to view zoom image Varvara map