Petropavlovsk Plc, which extract gold from 4 mines, in 2017 increased JORC gold reserves by 8% YoY, or by 670 thousand ounces.
The company resources grew by 6%, or by 1.17 million ounces.
According to the company statement, the resources and reserves grew due to the successful prospecting at the Pioner and Albyn deposits.
As a result, as of January 1, Petropavlovsk reserves amount to 8.15 million ounces of gold, and resources – 20.86 million ounces.
This year the company will invest $16 million in prospecting.
In 2017 Petropavlovsk produced 439.6 thousand ounces of gold, up by 9.8% YoY. (Ukrainian metal)