ASX-listed Polymetals has finalised the acquisition of the Endeavor mine, located 40 km north of Cobar in New South Wales, with the company now taking 100% ownership of the silver, lead and zinc operations.
Polymetals will now ramp up planned refurbishment works and continue with its recruitment of key management personnel planning to produce first concentrate and sales revenue during the first half of 2025.
Aside from the physical site activities, finalisation of the Endeavor mine plan optimisation and completion of project financing remain the only major outstanding corporate items.
“Polymetals board and management are extremely pleased to achieve 100% ownership of the Endeavor silver, lead and zinc mine. We can now get on with what the company has done best for many years, namely the cost-efficient development, management and operation of mines within Australia and particularly within the very familiar and fertile polymetallic Cobar basin,” said chairperson Dave Sproule.
The mine has resources of 16.3-million tonnes at 8% zinc, 4.5% lead and 84 g/t silver, with compelling exploration potential likely to extend the initial ten-year mine life.
Sproule said an updated mine plan would be announced shortly, documenting the much-improved modelled outcomes compared to the initial mine restart study released in October last year.
Edited by: Creamer Media Reporter
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