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.