Polymetal did not find enough gold in the Shekara area

12/10/2023

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The mineral exploration activities in the Shekara area of the Kostanay region in Kazakhstan have yielded disappointing results, according to a written response from Polymetal, a gold mining company registered with the Ministry of Finance and Economy of Kazakhstan. The company has determined that the area does not contain economically viable reserves for large-scale development. As a result, the contract territory is being returned to the state, and the accumulated geological data will be transferred to the state geological fund. Polymetal had been conducting work in the Shekara area, as mentioned in their earlier press service statements. However, it appears that a decision to halt these activities has been made in recent months. The exploration work in the area began several years ago, with Kazgeology conducting aerogeophysical surveys at the request of Polymetal to assess the potential for gold-silver and copper deposits. A joint venture named "Shekara" was established, with the n

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Source and Credit: inbusiness.kz

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Tags: geological data, gold mining, Kazakhstan, Polymetal, Shekara area, State Geological Fund