Russian ship with 700 tonnes gold ore missing

Newswires on Monday report a ship operated by Russian mining company Polymetal with 700 tonnes of gold ore on board has gone missing.

The ship with a 9-member crew sent a distress call on Sunday from the Sea of Okhotsk off Russia's Pacific Coast.

London-listed Polymetal said it had used the route before to take ore from one facility to another to be processed, according to the NYT.

Businessweek reports the incident is unlikely to result in serious financial damage to Polymetal: "Based on Polymetal’s earlier estimate for the Avlayakan deposit, the lost cargo contained gold worth an estimated $800,000".