Polymetal has signed an investment protection agreement with Russia’s federal and regional ministries of economic development, paving the way for the development of the Novopetrovskoye deposit—the first polymetallic discovery in Bashkortostan to enter development in more than 20 years. Underground mining is scheduled to begin in 2029.
The project is expected to become a landmark investment for the republic. Novopetrovskoye contains copper, gold, and zinc, metals that have become increasingly important to Polymetal’s strategy as the company expands beyond its traditional focus on precious metals. More than RUB 11 billion will be invested in the underground mine and supporting infrastructure.
In addition to underground workings, the project will include a residential camp for rotational workers and an administrative and service complex. Mining is expected to continue until at least 2038, while the operation is scheduled to reach its design capacity in 2029.
A key part of the project’s processing chain will be the concentrator at the Sibay Mining and Processing Plant. The facility, which had previously been placed on care and maintenance, has been revived by Polymetal specifically to process ore from Novopetrovskoye. The plant is currently undergoing modernization and, once completed, will produce copper concentrate, zinc concentrate, and gravity concentrate.
The project also marks the revival of Bashkortostan’s base metals industry. Backed by government investment guarantees, the modernization of the Sibay processing plant, and more than RUB 11 billion in capital investment, Novopetrovskoye is evolving from a geological discovery into a fully integrated mining operation expected to remain in production for at least 15 years.
Source: Polymetal
Image: Polymetal
