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Polymetal's Tomtor project confirmed as one of top three rare-earths projects globally

The date of: 2021-04-20
viewed: 9


Polymetal International PLC (LON:POLY) said an initial ore reserve estimate for its Tomtor niobium and rare-earth metals project indicates it is one of the world’s top-three rare earths projects by reserves.

'Tomtor confirmed its scale and grade as one of the premier niobium and rare earths deposits globally,” said Polymetal chief executive Vitaly Nesis.

The initial JORC-compliant ore reserve estimate comprises 11.4 million tonnes of ore available for open-pit mining at grades of 6.0% niobium oxide and 14.5% rare earth oxides, containing 0.7 million tonnes of niobium oxide and 1.7 million tonnes of rare earth oxides, making it one of the top-3 rare earths projects globally by reserves.

'The project team will now focus on completion of a bankable feasibility study, paving the way for the investment decision,” said Nesis. “Permitting issues and a COVID-related slowdown in offshore engineering work remain the key challenges for the project.'

Tomtor, located in the Russian Far East republic of Yakutia, is one of the world’s largest and highest grade rare earth elements projects.

The open pit mine will be operated in two roughly equal stages.

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