Polymetal’s gold reserves grew by 5% to 774.5 tns in 2020

MOSCOW, Mar 1 (PRIME) -- Russian gold producer Polymetal International’s ore reserves of gold rose by 5% to 24.9 million ounces or 774.5 tonnes as of January 1 after revision in accordance with the JORC Code in 2020, so its 2021, the company said in a statement on Monday.

The ore reserves of silver more than doubled on the year to 246.3 million ounces, or around 7,660 tonnes.

Mineral resources of the company, comprising measured, indicated, and inferred resources shrank by 14% to 21.8 million ounces of gold equivalent, with gold resources falling by 4% to 19.5 million ounces, and silver resources plummeting 43% to 191.9 million ounces.

“The share of ore reserves for open-pit mining stood at 53%, up by 2 percentage points year-on-year, while the share of refractory reserves amounted to 72%, declining by 2 percentage points. Both of these developments are attributable to the Prognoz reserve initial estimate,” the company said.

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