MOSCOW, July 10. /TASS/. Polymetal has exercised its option and increased its share in the Baksy project in Kazakhstan from 7.5% to 75%, the company said in a statement on Monday.

"Polymetal announces that it has exercised its option to increase its effective interest in the Baksy project from 7.5% to 75%. State-owned JSC Kazgeology owns the remaining 25%," the statement reads.

"Baksy fits the company’s strategy of focusing on copper-gold assets and expanding presence in Kazakhstan. We plan to continue active exploration and expect the JORC-compliant ore reserve estimate and positive production decision in 2024," Chief Executive Officer of Polymetal Vitaly Nesis was quoted as saying.

Polymetal acquired an indirect 7.5% interest in the project in 2019, and it was granted an option to increase its interest to 75% by providing exploration funding through issuing loans. The Baksy overall license area comprises 776 square kilometers and is located 300 kilometers from the Polymetal-owned Varvara processing plant, in the North Kazakhstan region.