Russian mining firm Polymetal is holding talks with a South African company to develop a precious metals site in Russia's far north, Kommersant reported
MOSCOW (Pakistan Point News / Sputnik - 25th September, 2020) Russian mining firm Polymetal is holding talks with a South African company to develop a precious metals site in Russia's far north, Kommersant reported.
The unnamed company signed a non-disclosure agreement with Polymetal this summer but has been unable to fly its experts to assess the plutonium group metals deposits in Russia's Karelia Republic due to COVID-19 restrictions, Polymetal CEO Vitaly Nesis told the Russian business newspaper.
Nesis said that the company needed outside help to process palladium ore since it does not have the necessary equipment or expertise in the field. Mining and processing gold and silver ore take up the bulk of the company's work otherwise.
Nesis said that the negotiations currently hinge on the South African candidate's ability to study the terrain.
"How can we discuss cooperation at the site if they cannot see it?" Nesis said, adding that the company is now studying the documents provided by the Russian side.
Polymetal acquired the Viksha site in 2012, becoming the company's first platinum group metals site. In September 2019, the mining firm updated its estimates of available palladium reserves to 177.3 tonnes.
