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Polymetal releases ore estimate of Tomtor rare earths project; touts potential
StockMarketWire.com
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Mining group Polymetal International said an initial ore estimate for the Buranny area of the Tomtor niobium and rare-earth metals project in Yakutia, Russia indicated it was 'premium' deposit globally.
The initial ore reserve estimate as at 31 December 2019 comprised 11.4 million tons of ore available for open-pit mining at 6.0% Nb2O5 plus 14.5% REO grade.
Polymetal said the estimate, by ThreeArc Mining, made Tomtor one of the top-three rare earths projects globally by reserves.
'Tomtor confirmed its scale and grade as one of the premier niobium and rare earths deposits globally,' chief executive Vitaly Nesis said.
'The project team will now focus on completion of a bankable feasibility study, paving the way for the investment decision.'
'Permitting issues and a Covid-related slowdown in offshore engineering work remain the key challenges for the project.'
Story provided by StockMarketWire.com
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