9th Nov 2020 11:28
(Alliance News) -Â Gold miner Polymetal International PLC on Monday reported a 25% increase in ore reserves at the Kyzyl project in Kazakhstan, and separately upped its capital expenditure guidance for 2020.
Total Kyzyl reserves now stand at 59.3 million tonnes of ore with an average grade of 5.4 grams per tonne containing 10.3 million ounces of gold. This represents a 25% increase compared with the estimate at the end of 2019, said Polymetal.
"A substantial reserve addition at East Bakyrchik extends the life-of-mine at Kyzyl to 30 years", said Vitaly Nesis, chief executive of Polymetal. "Importantly, open-pit mining will now continue till 2036". The initial estimate for East Bakyrchik was put at 2.2 million ounces.
Separately, Polymetal has revised its capital expenditure guidance to USD540 million for 2020, up from USD475 million previously. It is on track to meet its production guidance of 1.5 million gold equivalent ounces, the FTSE 100 firm added.
Polymetal shares were up 0.5% at 1,892.50 pence in London near midday Monday.
By Lucy Heming;Â [email protected]
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