Russian precious metals mining company Polymetal has approved the POX-2 project to build second pressure oxidation facility.

The facility, which will require a commitment of $431 million, is near its current Amursk POX hub and the plant will be opened by the third quarter of 2023.

The POX-2 project will process 4.3 million tons of concentrates from the Kyzyl, Nezhda, Mayskoye and Voro mines, containing 9.3-million ounces of gold.

The company noted that the POX-2 will result in the incremental production of around 30 000 ounces per year (oz/y) to 35 000 oz/y from the same volumes, and will reduce total cash costs of gold production.