The company won an auction for the rights, offering $92,000 for the 15 year license, or approximately $30,000 more than the starting price, Highbeam Business reports.
The company outbid LLC Ural Mining Company for the rights.
OJSC Sibir-Polimetally will have to complete exploration and calculate C1 reserves within five years and launch a mine within 7.5 years, as per the license agreement.
P1 resources at the property are estimated at 155,800 tons of ore, 340 tons of copper, 1,300 tons of lead, 2,090 tons of zinc, 20,370 tons of barite, 652.9 kg of gold and 6.1 tons of silver, according to Highbeam Business.
The property is 0.23 square kilometers and is located 3.5 kilometers west of the city of Zmeinogorsk in the Korbalikha River valley. It lies within the well-surveyed Zmeinogorsk-Zarechensk ore field and is adjacent to the eastern flank of the Zarachensk polymetallic deposit currently being developed by Sibir-Polimetally.
The property borders the Srednoye polymetallic deposit on the north and is bordered on the east by the Petrovskoye manifestation, both of which are in the undistributed resource fund, Highbeam Business reports.