Last year, Polymetal reduced reserves of gold equivalent by 12%
Edited by Rhod Mackenzie / 2014-03-17 12:49:49
In 2013, Polymetal Int <POLY> (which includes assets of Polymetal) reduced reserves at its deposits by 12% to 13.277 million ounces in gold equivalent as of January the 1st of 2014 from 15.138 million ounces as of January the 1st of 2013, the company reports.
“We expect that the reduction of ore reserves and mineral resources, which took place in 2013, will be compensated in the current year, because the company increases geological exploration and completes the feasibility studies of several projects,” – the company’s general director, Vitaly Nesis said.
The reserves declined because of the revaluation by 1.498 million ounces and development at deposits by 1.517 million ounces in gold equivalent, the report notes.
