“A substantial reserve addition at East Bakyrchik extends the life-of-mine at Kyzyl to 30 years”, said Vitaly Nesis, Group CEO of Polymetal. “Importantly, open-pit mining will now continue till 2036”.
· The initial JORC-compliant Ore Reserve estimate for East Bakyrchik (Zone 2 of Kyzyl) as at 1 April 2020 comprises 18.8 Mt of ore at an average grade of 3.7 g/t containing 2.2 Moz of gold, roughly 80% of which are underground.
· Total Kyzyl Ore Reserves now stand at 59.3 Mt of ore with an average grade of 5.4 g/t containing 10.3 Moz of gold. This represents a 25% increase compared with the estimate at the end of 2019.
· Open-pit reserves increased by 9% to 4.3 Moz of gold contained at an average grade of 4.9 g/t, underground reserves were up 40% to 6.0 Moz at an average grade of 5.8 g/t.
· East Bakyrchik has added 5 years to the total Kyzyl life of mine (2050), while life-of-mine (LOM) for the open pit has extended by 6 years (to 2036). East Bakyrchik open-pit LOM average strip ratio is 27 t/t.
· The new mining schedule assumes an increase in the capacity of the Kyzyl processing plant from 2.0 Mtpa to 2.2 Mtpa in 2022.
· East Bakyrchik Ore Reserve estimate incorporates data from the exploration campaign in 2015-2020 including 29.9 km of drilling (168 diamond drill holes).
· Total Kyzyl Mineral Resources (additional to Ore Reserves) amount to 15.6 Mt of ore with an average grade of 4.0 g/t representing 2.0 Moz of gold contained.
Polymetal International plc (together with its subsidiaries – “Polymetal”, the “Company”, or the “Group”) is a top-10 global gold producer and top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield.
To keep up to date with Mines and Metals, subscribe to our free email newsletters, covering rich mining intelligence and news, that will be delivered straight to your inbox.