Railveyor Signs Purchase Contract with Polymetal International

SUDBURY, ONTARIO, CANADA – Canadian company Rail-Veyor Technologies Global Inc. is pleased to announce the signing of a Purchase Agreement with Polymetal International PLC, a leading global producer of gold and silver with assets in Russia and Kazakhstan. This agreement is the first step towards the installation and operation of a new Railveyor material haulage system at Varvarinskoye, a gold-producing surface mine situated in Northwest Kazakhstan.

Currently ore is mined at the Varvarinskoye mine via conventional open-pit truck-shovel and drill-and-blast methods. Polymetal International acquired the mine and completed a turnaround of the operations in 2010, leading to a substantial increase in productivity through the ongoing optimization of systems and technology.

The implementation of the all-electric Railveyor system forms a part of Polymetal’s overall goal to decarbonize material transport and decrease greenhouse gas emission intensity by at least 5% by 2023 compared to 2018. Additionally, the extreme Kazakh winter can pose challenges to traditional diesel-engine haulage solutions and ore sharpness lessens the lifespan of rubber tires – both factors adding to operational expense. 

The first stage of the Railveyor system installation will implement an 887m length of track connecting a load point to a discharge point via a single train, with capacity estimated at 145 tonnes/hr (1mtpa). The second stage of the installation will connect the original load point to a second discharge point and add a second train, bringing the total track length of the system to 1535m and increasing capacity to 430 tonnes/hr (3mtpa).

“We believe this is yet another perfect site where Railveyor will show strong benefits to the end user and deliver on our promise of a Clean, Safe & Profitable material haulage solution,” says Jim Fisk, Executive Chairman for Rail-Veyor. “We are proud to partner with Polymetal International, an industry leader whose commitment to innovation has already made a huge positive impact on the performance of the Varvarinskoye mine. We believe that this may be the first of many applications where Rail-Veyor may be a catalyst towards Polymetal’s continuing optimization of their assets.”

About Polymetal International

Polymetal International PLC is a top-10 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan listed on the London Stock Exchange, Moscow Stock Exchange and Astana International Exchange. The company is a member of FTSE 100, FTSE Gold Mines and MSCI Russia. Polymetal has a portfolio of nine producing gold and silver mines and an impressive pipeline of future growth projects. Polymetal continued to deliver on its strategy of building the long-term future of the Company, while generating significant free cash flow and creating value for its stakeholders.

About Rail-Veyor

Rail-Veyor Technologies Global Inc. is the premier solution for material haulage offering an emission-free, battery-free, and TrulyAutonomous™ technology. RVTG offers the safe, clean, and profitable solution to industries looking for an innovative way to move industrial, mining, or agricultural products. Using their expertise and understanding of existing and emerging technologies, they integrate the best components from their own portfolio and partner ecosystem to deliver efficient solutions. The Rail-Veyor international headquarters and McCall Testing Facilities are located in Sudbury, Ontario. The Technology Center and United States regional office is located in Houghton, Michigan.

For more information, visit www.RailVeyor.com. Or contact Lisa Youngblood, Executive Director of Marketing and Communications at 705-682-0450 x356 or [email protected].