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Highlights
- Polymetals Resources (POL) progresses rapidly on the Endeavor Silver-Zinc Mine redevelopment.
- Key surface and underground refurbishments are on schedule for a 2025 production restart.
- Strategic restructuring and recruitment efforts pave the way for sustainable operations.
Polymetals Resources (ASX:POL) is making significant strides in redeveloping the Endeavor Silver-Zinc Mine, situated in central New South Wales, Australia. The mine, a key operation in the Cobar Basin's rich polymetallic mineral province, is set to resume production early next year. Redevelopment efforts are aligned with the company’s strategy to breathe new life into a mine that once operated for 38 years, producing substantial returns before being placed on care and maintenance in 2020.
The Endeavor Mine, acquired by Polymetals in 2023, is supported by a 10-year operational plan. A restructuring of a 100% silver streaming royalty to a more sustainable 4% NSR has played a critical role in rejuvenating the project. The company is fully funded to complete the refurbishment phase, bolstered by a US$20 million loan facility secured last month.
Accelerated Site Redevelopment
Polymetals has ramped up its efforts across the Endeavor site, marking substantial progress in surface and underground operations. Key developments include refurbishment of infrastructure, recruitment of skilled teams, and re-certification of essential equipment. According to the company, the arrival of the first underground mobile equipment before the year-end is expected to further expedite momentum.
Surface work began in October, encompassing extensive refurbishment activities such as re-energizing electrical systems, cleaning up infrastructure, and modifying the mine portal to accommodate larger trucks. Other completed tasks include the inspection and overhaul of ventilation systems, gantry cranes, and haulage components.
Underground Preparations
Underground readiness initiatives are also advancing at pace. Key areas of focus include ground support rehabilitation, LIDAR surveys of underground mine access, and preparatory work for mining logistics. The removal of redundant services and stope identification are underway, laying the groundwork for the mine’s operational restart.
Recruitment and Readiness
Polymetals has made significant headway in building a robust workforce. Senior management recruitment, onboarding, and training of operational staff have positioned the company well for the upcoming production phase. Improvements in accommodation and site facilities further underline Polymetals’ commitment to operational efficiency and workforce well-being.
With a robust plan and strategic execution, Polymetals is well on track to restart Endeavor operations and re-establish the site as a high-performing mining asset. The redevelopment aligns with its vision of long-term sustainability and profitability in one of Australia’s leading mining regions.
