Polymetal announces a 25% increase in Ore Reserves at Kyzyl mine to 10.3 Moz of gold

“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.

About Polymetal            

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.

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