Polymetal: Ore Reserves, Mineral Resources and Exploration update as at 1 January 2020
Polymetal International plc (POLY)
Polymetal International plcOre Reserves, Mineral Resources and Exploration update as at 1 January 2020
Polymetal International plc announces its Ore Reserves and Mineral Resources as at 1 January 2020 in accordance with the JORC Code (2012)[1] and exploration update for the year ended 31 December 2019. "Significant growth in Ore Reserves at Kyzyl and a two-fold increase in reserves at Veduga were the key drivers behind the Group's Ore Reserves extension", said Vitaly Nesis, Group CEO of Polymetal. "In 2020, we will focus on reserves and resources updates at some of our key development projects and will continue exploration activities to extend the life of existing mines". 2019 HIGHLIGHTS
Ore Reserves and Mineral Resources summary (1), (2)
2020 OUTLOOK In 2020, Polymetal will continue to invest in both near-mine and greenfield exploration projects in order to increase Ore Reserves. The key objectives are as follows:
The Company also plans to further develop its cooperation with junior exploration companies and enter into several new strategic partnerships. In 2020, the results of the first field season of the work of existing junior partners are expected.
Ore Reserves and Mineral Resources structure by metal as at 1 January 2020 (1)
Ore Reserves reconciliation, GE Moz (1)
Ore Reserves and Mineral Resources as at 1 January 2020 (1)
Exploration areas and volumes (mine site exploration excluded) (1)
EXPLORATION RESULTS In 2019, exploration was focused on areas in close proximity to the Company's existing assets. Exploration activities were carried out at 52 licensed properties. 13 new licenses were obtained for geological studies, exploration and production of gold, silver, PGMs and copper. In total, 198 km of drilling was completed. Kyzyl
Albazino
Varvara hub
Voro hub
Omolon hub
Svetloye hub
Dukat hub
Nezhda
Prognoz
Veduga
Kutyn
PGMs
Ore Reserves as at 1 January 2020 (1)
Mineral Resources as at 1 January 2020 (1)
PGM Mineral Resources as at 1 January 2020 (1)
This estimate was prepared by employees of JSC Polymetal Management Company and JSC Polymetal Engineering, led by Mr Valery Tsyplakov, who assumes overall responsibility for the Mineral Resources and Ore Reserves Report. Mr Tsyplakov is the employed full-time as the Managing Director of JSC Polymetal Engineering and has more than 19 years' experience in gold, silver and polymetallic mining. He is a Fellow of the Institute of Materials, Minerals & Mining (FIMMM), London, and a Competent Person under the JORC Code. Listed below are other Competent Persons employed by the Company that are responsible for relevant research on which the Mineral Resources and Ore Reserves estimate is based: * Geology and Mineral Resources - Roman Govorukha, Head of Geologic Modelling and Monitoring Department, JSC Polymetal Management Company, MIMMM, with 19 years' relevant experience; * Mining and Ore Reserves - Igor Epshteyn, Head of Mining Process Department, JSC Polymetal Engineering, FIMMM, with 38 years' relevant experience; * Concentration and Metals - Igor Agapov, Deputy Director of Science and Technology, JSC Polymetal Engineering, MIMMM, with 22 years' relevant experience. All the above mentioned Competent Persons have sufficient experience that is relevant to the style of mineralisation and types of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). All Competent Persons have given their consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Metals prices used in estimating Mineral Resources and Ore Reserves are listed below (unless otherwise indicated in the footnotes of the above tables): Au = US$ 1,200/oz Ag = US$ 15.0/oz Cu = US$ 5,500/t Zn = US$ 2,200/t Pb = US$ 2,000/t. Gold equivalent data is based on "Metal equivalent conversion ratios" provided in the Appendix below. About Polymetal Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY) (together with its subsidiaries - "Polymetal", the "Company", or the "Group") is a top-20 global gold producer and a top-5 global silver producer with assets in Russia and Kazakhstan. The Company combines strong growth with a robust dividend yield. Enquiries
Forward-looking statements This release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the company's control that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company's present and future business strategies and the environment in which the company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Appendix Reporting of Metal Equivalents Gold equivalent conversion ratio GE=Me/k Where Me is the evaluated metal content (silver g/t, copper %, zinc %, lead %) Where k is the metal to gold equivalent conversion rate that is calculated considering the difference in metals value issuing the following formula: For silver: k= ((Au price/31.1035 - (Au price /31.1035 - Treatment charge Au)*(Royalty Au)/100 - (Treatment charge Au))*(Recovery Au)) / ((Ag price/31.1035 - (Ag price/31.1035 - Treatment charge Ag)*(Royalty Ag)/100 - (Treatment charge Ag))*(Recovery Ag)), for copper or zinc or lead: k = 100*((Au price/31.1035) - (Au price/31.1035 - Treatment charge Au)*(Royalty Au)/100 - (Treatment change Au))*(Recovery Au)) / ((Me price) - (Me price - Treatment charge Me)*(Royalty Me)/100 - (Treatment charge Me))*Recovery Me)), where Royalty is the mineral extraction tax at applicable rate, recovery - the life-of-mine expected recovery of the respective metal in the processing technology applied. Metal equivalent conversion ratios:
[1]) Hereinafter Ore Reserves and Mineral Resources are reported as from continuing operations. Lichkvaz, Oroch, Sopka Kvartsevaya, Dalneye and Irbychan mines were classified as discontinued operations as at 01.01.2020 and are not included in this estimate. [2] Ore Reserves are reported here on the 100% ownership basis. Ore Reserves in accordance with Polymetal 74.3% ownership equal to 2 Moz. |
ISIN: | JE00B6T5S470 |
Category Code: | MSCH |
TIDM: | POLY |
Sequence No.: | 48963 |
EQS News ID: | 983983 |
End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.