Polymetal International signs MoU with SMT for Underground Electric Vehicle Development

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Comserve Inc.

Aug 24, 2020, 14:00 EST

Bronx, United States, Aug 24, 2020, 14:00 /Comserve / -- PolymetalInternational plc announced the signing of a Memorandum of Understanding ("MoU") with SMT Scharf AG ("SMT"). The collaboration aims at building underground electric vehicles.

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August 19, 2020:PolymetalInternational plc announced the signing of a Memorandum of Understanding ("MoU") with SMT Scharf AG ("SMT"). The collaboration aims at building underground electric vehicles. Polymetal International plc offers services in precious metal extraction and operates in Russia, Kazakhstan, and Armenia. The firm provides gold and silver mining solutions. SMT Scharf AG is one of the leading global providers of customized transport services and underground mining logistics systems.

Earlier in November 2017, SMT Scharf AG partnered with Breuer-Motoren GmbH & Co. KG. Under the strategic partnership, SMT Scharf took over Breuer-Motoren’s exclusive distribution and after sales business in Russia. Now under the current strategic partnership, the companies will immediately start to develop, implement and test the zero-emission battery electric vehicles. The partnership’s first step is the production of mid-range LHDs (load, haul, dump machines) and trucks. Later in the future, the collaboration may also produce other commercial automotives.The vehicles are to be tested after the development process in the one year phase. Further, future plans include joint redesigns, the signing of the distribution agreement and the development of a joint customer service centre. The strategic partnership is intended to last for a decade with a potential to extend more.

Vitaly Savchenko, COO of Polymetal, stated in his comments that the partnership with SMT provides the company with a convenient access to customizable battery electric vehicles which may positively contribute to their operating costs dynamics, green house gas pollution and also to the health of their workers in underground mines. He further stated that the partnership matches well in the company's plan to gradually include electric vehiclesacross the Group’s activities. It also marks another move by the company towards lowering carbon pollution by 5 percent in 2023.

The CEO of SMT Scharf AG, Hans Joachim Theiss, stated that the company was pleased about their strategic partnership with Polymetal and also their involvement in battery electric vehicles. He further stated that the collaboration would encourage the companies to collectively pursue a sustainable approach to lower the GHG emissions.

Greenhouse gas production due to Polymetal's mining apparatus and mobile instruments at their underground mining hubs in 2019 contributed to 334 Kt of CO2 equivalent, which is equal to 12 percent of the Groups overall emissions.

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