The ore reserves of the Russian silver and gold producer Polymetal International fell by 5%, to 616 tons, in 2016, the company said in a statement on March 14.
“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 tons, due to an acquisition of the Kapan and Komar fields, and the initial mineral resources estimates at Levoberezhny and Lichkvaz.
Gold reserves fell by 1%, to 547 tons as of January 1, silver decreased by 21%, to 5,070 tons, copper – by 23%, to 6,429 tons. (Prime/Ukrainian metal)