Russia’s Polymetal ore reserves fall 5% to 616 tns in 2016

MOSCOW, Mar 14 (PRIME) -- The ore reserves of Russian silver and gold producer Polymetal International fell by 5% to 616 tonnes in 2016, the company said in a statement on Tuesday.

“Polymetal’s ore reserves decreased by 5% to 19.8 million ounces of gold equivalent mainly due to mining depletion and a downgrade at Varvara which were partially offset by reserve additions from the new acquisition at Komar, Dolinnoye and an upgrade at Svetloye,” the company said.

Mineral resources, or additional to ore reserves, increased by 29% to 513 tonnes, due to an acquisition of the Kapan and Komar fields, and the initial mineral resources estimates at Levoberezhny and Lichkvaz.

Gold reserves fell 1% to 547 tonnes as of January 1, 2017, silver ones decreased 21% to 5,070 tonnes, copper ones 23% to 6,429 tonnes.

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