Polymetal Ore reserves declined.
Summary: Polymetal has released an updated reserves and resources statement.
Polymetal has released an updated reserves and resources statement. Ore reserves declined 12% to 13.3mnoz of gold eq. as the company decreased the cut-off price to USD 1,300/oz and USD 22.5/oz for gold and silver, respectively. Reserves accretion was largely driven by resource-to-reserve conversion at Oroch (241koz of gold eq.) and the Maminskoye acquisition (913koz of gold eq.). The decreases are attributable to geotechnical and economic factors driving changes in mine plans for Birkachan, Sopka and Dalnee, as well as the exclusion of remote ore zones at Dukat and the postponement of Khakanja UM. The company commented it expects reserves additions at Svetloye, Albazino and Kutyn in 2014.
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