Polymetal gives reserve estimate

FTSE 250-listed miner Polymetal International yesterday published an initial reserve estimate of 7.3m tonnes, with 700,000 ounces of gold contained, at its Svetloye project in Russia. The project is expected to be reviewed by the company’s board of directors in the third quarter. If the decision is positive, construction will commence in 2015 with first production in the third quarter of 2017. RBC Capital said it believes the project will be value accretive.