Polymetal International announces the start of Directors Board renewal

ArmInfo. Polymetal International announced the start of Directors Board renewal project. According to the official stetment of the company, within the purpose of  Directors Board  key competences improvement in the aspect of finances, mining and cooperation with institutional investors, observance of best practices of corporate administrations, within the  prevailing at  the Independent  Directors Board, Polymetal styarts stage by stage program of shifing directors without executive responsibilities.

Hence, the statement reads, by the General Annual Meeting of Directors Board in 2018 at least one new director will be assigned, and in following two years new assignments are also planned. As the consultant for top management personnel staffing a company of Spencer Stewart was chosen. " Within following several years we will capsulate a reserve of potential candidates and will assign new directors. The

Directors Board has targeted to keep the balance of key competences and experience to support , control and check the management of the company in  respect to corporate strategies implementation, " Bobby Godsellm the Polymetal Directors Board Chairman said.

Earlier it was reported that Polymetal Int (uniting assets of  Polymetal) completed the audit of the mineral resources of the  Lichkvaz project in Armenia. According to JORC, they are 600 thousand  ounces (18.7 tonnes) of gold equivalent for underground mining  processing. The Lichkvaz deposit contains 4.3 million tonnes of ore  with an average grade of 4.2 g/t, containing 600 thousand ounces  (18.7 tones) of gold equivalent. The mineral resources are confirmed  by independent auditors of CSA Global. In 2016, Polymetal planned to  conduct a significant amount of additional drilling in Lichkvaz in  order to estimate the JORC ore reserves in the third quarter of 2017  and prepare a combined operation plan for the Kapan and Lichkvaz  projects. Polymetal intends to extract and transport ore for  processing to the Kapan enrichment plant.

The final beneficiary of about 27% of Polymetal statutory capital is the IST Group of Alexander Nesis, and 13% of company's assets belong to Peter Kellner's PPF Group NV (Czech Republic). Beside that, about 1% of statutory capital is  controlled by directors and company management, 19% - private persond and 40% - private investors.