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Polymetal posts 9% drop in ore reserves for 2022 to 27.3 Moz of gold equivalent

In 2023, the company plans re-evaluation of its ore reserves at Kyzyl, as well as preparation of initial ore reserves estimates at Talgiy and Pavlov

MOSCOW, March 1. /TASS/. Ore reserves of Polymetal Group amounted to 27.3 mln ounces of gold equivalent as at January 1, 2023, in accordance with the JORC Code and exploration update for the year ended 31 December 2022, down by 9% year-on-year, the company said in a statement on Wednesday.

The decrease was mostly due to mining depletion, Polymetal noted. "This was partially offset by the successful exploration results at Omolon hub (Burgali and Nevenrekan), Pesherny (Voro hub), as well as initial reserve estimates at Galka and Tamunier (Voro hub)," according to the statement.

Meanwhile mineral resources grew by 5% year-on-year to 25.8 Moz of gold equivalent due to positive revaluation at Kyzyl, Omolon, and Nezhda, as well as initial resource estimates at Kegali and Tumanin (Omolon hub). The average grade in ore reserves and mineral resources increased by 5% to 3.6 g/t and by 10% to 4.5 g/t of gold equivalent, respectively.

In 2023, the company plans re-evaluation of its ore reserves at Kyzyl, as well as preparation of initial ore reserves estimates at Talgiy and Pavlov.

"Polymetal did not replace its ore depletion and recorded declining ore reserves in 2022. The exploration season was severely affected by the indirect impact of sanctions placed on, amongst other things, imports of diamond drilling spares and materials into Russia. We remain confident in the group’s ability to grow our high-quality reserve base and expect the resumption of the upward trend in 2023," CEO of Polymetal Vitaly Nesis was quoted as saying.

Polymetal is one of the world’s ten largest gold producers and five biggest silver makers. Its assets are located in Russia and Kazakhstan. The company has a portfolio of ten producing gold and silver mines and a pipeline of future growth projects.

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