Gold reserves of the Russian precious metals producer Polymetal International went up by 6% YoY, to 23.7 million ounces of gold equivalent in accordance with the JORC Code, the company said in a statement on February 27.
Ore reserves of the company increased by 5%, to 25.2 million ounces of gold equivalent due to geological exploration with subsequent re-evaluation of reserves of the Kyzyl, Veduga and Kutyn fields and to initial estimate of reserves at the Primorskoye field, the company said.
Polymetal’s reserves of silver contracted by 14%, to 116 million ounces.
Exploratory drilling stood at 198 kilometers. Mineral resources additional to ore reserves shrank by 4%, to 25.4 million ounces of gold equivalent.
The average grade in ore reserves remained flat YoY at 3.7 grams per ton and the average grade in mineral resources also stayed flat at 5.2 grams per ton. (Prime/Ukrainian metal)