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Polymetal International plc (POLY)
Polymetal International plc
Ore Reserves increase at Kyzyl
Polymetal announces a 25% increase in Ore Reserves at Kyzyl to 10.3 Moz of gold following initial reserve estimate at East Bakyrchik of 2.2 Moz of gold.
"A substantial reserve addition at East Bakyrchik extends the life-of-mine at Kyzyl to 30 years", said Vitaly Nesis, Group CEO of Polymetal. "Importantly, open-pit mining will now continue till 2036".
Ore Reserves (Proved + Probable) changes
The Ore Reserve estimate is reported in accordance with the JORC Code (2012) and was prepared by Polymetal using a gold price of US$ 1,200/oz. For the Bakyrchik open pit and underground the previous estimate was performed as at 1 July 2019, the updated estimate was prepared as at 1 April 2020 and accounts for the pit extension and depletion. A cut-off grade of 0.8 g/t of gold was applied for the open pit and 3.0 g/t for the underground. East Bakyrchik initial Ore Reserve estimate was performed as at 1 April 2020. A cut-off grade for recovered gold of 0.6 g/t was applied for the open pit and 2.0 g/t for the underground, the reserves were estimated on the basis of variable recovery value for each of the blocks generated.
Kyzyl Ore Reserve estimate
Notes: discrepancies in calculations are due to rounding
The Mineral Resources estimate is reported in accordance with the JORC Code (2012) and was prepared by Polymetal using a gold price of US$ 1,200/oz. For the Bakyrchik open pit and underground the previous estimate was performed as at 1 July 2019, the updated estimate was prepared as at 1 April 2020 and accounts for the pit extension and depletion. Cut-off grades of 0.8 g/t and 3.0 g/t of gold were applied for the open and the underground, respectively. East Bakyrchik updated Mineral Resource estimate was performed as at 1 April 2020. A cut-off grade for recovered gold of 0.6 g/t was applied for the open pit and 2.0 g/t for the underground, the resources were estimated on the basis of variable recovery for each of the blocks generated. The Mineral Resource estimate for Bolshevik was prepared by Polymetal as at 1 January 2019, revised estimate was not performed due to lack of material changes. Cut-off grades for the open pit and the underground are 1.0 g/t and 3.3 g/t of gold, respectively.
Kyzyl Additional Mineral Resource estimate
Notes: discrepancies in calculations are due to rounding.
This estimate was prepared by employees of JSC Polymetal Management Company, JSC Polymetal Engineering and subsidiaries of the Company, led by Mr. Valery Tsyplakov.
Mr. Tsyplakov is employed full-time as the Managing Director of JSC Polymetal Engineering and has 19 years' experience in gold, silver and polymetallic mining. Being a Fellow of the Institute of Materials, Minerals & Mining (FIMMM), London, he is a Competent Person under the JORC Code.
Listed below are other Competent Persons employed by the Company that are responsible for relevant research on which the Mineral Resources and Ore Reserves estimate is based:
All the above-mentioned Competent Persons have sufficient experience that is relevant to the style of mineralisation and types of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code).
All Competent Persons have given their consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Polymetal International plc (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is a top-10 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield.
This release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the company's control that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company's present and future business strategies and the environment in which the company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
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