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Polyus increases gold reserves by 71% to 104 mln ounces in 2020

Thus, Polyus has confirmed its status as the world's largest gold reserves company

MOSCOW, April 29. /TASS/. In 2020, Polyus increased its proven and probable gold reserves by 71% to 104 mln ounces, the miner said in a statement on Thursday. Thus, Polyus has confirmed its status as the world's largest gold reserves company.

The company announced its ore reserves and mineral resources estimates as of December 31, 2020, in accordance with JORC Code 2012. The company’s total proved and probable ore reserves have increased 71% to 104 mln ounces of gold, compared to 61 mln ounces of gold as of December, 31, 2019.

According to the report, "The updated estimate primarily reflects the inclusion of Ore Reserves for Sukhoi Log as well as additions at several operating mines, derived from a comprehensive drilling program across the Company’s asset portfolio launched in 2018. The Measured, Indicated and Inferred Mineral Resources are estimated at 204 mln ounces of gold, compared to 188 mln ounces of gold as at 31 December 2019."

"Polyus is now confirmed to have the largest reserve base globally, with approximately 97% of these reserves attributable to our operating mines and our flagship greenfield project, Sukhoi Log, where we plan to complete the Bankable Feasibility Study and make a final investment decision on the project in 2022. This is further confirmation of the Company's ability to maintain long-term sustainable gold production. We will proceed with exploration activities across the group aimed at expanding our resource base," CEO of Polyus Pavel Grachev commented on the results.

Polyus is the largest gold producer in Russia with assets in the Krasnoyarsk Territory, Irkutsk and Magadan Regions, and the Republic of Sakha (Yakutia). In 2020, the company’s output was around 2.8 mln ounces of gold.

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