REG - Polymetal Int PLC - Reserve and Resource update as at 1 January 2017 <Origin Href="QuoteRef">POLYP.L</Origin> - Part 2
14/03/2017 07:08
- Part 2: For the preceding part double click ID:nRSN3698Za
Voro hub 3,930 4.0 490 1,096 1.0 502
Tamunier (13) 3,880 3.9 8 - 3.9 488 1,041 - 493
Saum (14) 50 1.4 33 1.82 4.9 2 55 1.0 8
Okhotsk hub 3,202 5.2 518 1,477 - 534
Avlayakan 20 32.7 133 - 34.3 19 77 - 20
Levoberezhny (15) 2,800 4.0 13 - 4.2 365 1,208 - 378
Kirankan (16) 142 6.5 8 - 6.7 30 39 - 30
Maimakan-Kundumi (17) 240 13.5 20 - 13.7 105 154 - 106
Armenia 12,860 4.0 1,128 17,845 65.2 1,651
Kapan (18) 11,390 2.6 47 0.50 3.8 934 17,253 57.0 1,406
Lichkvaz (19) 1,470 4.1 13 0.55 5.2 194 622 8.2 245
Development and exploration projects
Kyzyl project (Bakyrchik) (20) 11,420 7.0 - - 7.0 2,562 - - 2,562
Veduga (21) 580 4.1 - - 4.1 77 - - 77
Kutyn (22) 2,110 4.0 - - 4.0 273 - - 273
Total Inferred 78,212 4.9 11,124 47,918 109.4 12,221
Measured + Indicated + Inferred
Standalone Mines
Albazino 9,860 5.3 - - 5.3 1,665 - - 1,665
Tonnage Grade Content
Kt Au, g/t Ag, g/t Cu, % GE, g/t Au, Koz Ag, Koz Cu, Kt GE, Koz
Mayskoye 8,450 11.9 - - 11.9 3,239 - - 3,239
Dukat hub 1,510 13.3 106 43,032 - 645
Dukat 450 1.9 833 - 11.8 27 11,933 - 169
Lunnoye 230 1.8 346 - 6.0 13 2,629 - 46
Goltsovoye 220 - 1,015 - 13.0 - 7,071 - 91
Arylakh 90 0.9 639 - 8.7 2 1,782 - 24
Perevalnoye (2) 20 - 564 - 7.7 - 379 - 5
Primorskoye (3) 500 4.0 1,216 - 19.6 64 19,239 - 311
Varvara hub 51,400 1.6 2,193 215 97.8 2,680
Varvara (4) 38,230 1.1 - 0.53 1.4 1,327 - 86.2 1,742
Komar (5) 7,210 2.2 - - 2.2 517 - - 517
Maminskoye (6) 2,130 1.4 - - 1.4 99 - - 99
Tarutin (7) 800 0.1 8 1.45 2.9 3 215 11.6 76
Dolinnoye (8) 3,030 2.5 - - 2.5 247 - - 247
Omolon hub 1,750 10.3 414 14,235 - 582
Sopka Kvartsevaya 360 3.2 139 - 4.8 37 1,595 - 55
Oroch 420 4.9 403 - 10.2 68 5,528 - 141
Olcha 160 10.0 44 - 10.5 53 236 - 56
Tsokol Kubaka 70 9.3 17 - 9.5 22 40 - 22
Burgali (9) 50 11.9 15 - 12.0 21 26 - 21
Irbychan (10) 260 9.6 194 - 12.0 78 1,580 - 98
Yolochka (11) 240 11.1 10 - 11.2 85 73 - 86
Nevenrekan (12) 190 8.0 832 - 16.5 50 5,157 - 102
Voro hub 5,700 4.4 692 3,091 17.1 812
Voro 110 2.1 4 - 2.1 7 14 - 7
Tamunier (13) 4,750 4.0 11 - 4.1 618 1,696 - 626
Saum (14) 840 2.5 51 2.03 6.6 67 1,380 17.1 179
Okhotsk hub 3,202 5.2 518 1,477 - 534
Avlayakan 20 32.7 133 - 34.3 19 77 - 20
Levoberezhny (15) 2,800 4.0 13 - 4.2 365 1,208 - 378
Kirankan (16) 142 6.5 8 - 6.7 30 39 - 30
Maimakan-Kundumi (17) 240 13.5 20 - 13.7 105 154 - 106
Armenia 19,340 4.0 1,769 25,422 91.8 2,510
Kapan (18) 15,040 2.7 48 0.50 4.0 1,295 23,333 75.9 1,928
Lichkvaz (19) 4,300 3.4 15 0.37 4.2 474 2,089 15.9 582
Development and exploration projects
Kyzyl project (Bakyrchik) (20) 14,160 6.8 - - 6.8 3,107 - - 3,107
Veduga (21) 580 4.1 - - 4.1 77 - - 77
Kutyn (22) 4,920 4.1 - - 4.1 649 - - 649
Total Measured + Indicated + Inferred 120,872 4.2 14,429 87,472 206.7 16,501
1) Мineral Resources are reported in accordance with the JORC Code
(2012). Mineral Resources are additional to Ore Reserves. Discrepancies in
calculations are due to rounding.
2) Initial estimate prepared by Polymetal as at 01.01.2016. Price: Ag
= US$15/oz, Pb = US$1,700/t. Revised estimate was not performed due to lack of
material changes.
3) Estimate prepared by CSA Global Pty Ltd as at 01.01.2017. Price: Au
= US$1,250/oz, Ag = US$16 /oz.
4) Cu estimate is listed for fresh ore and powder ore that has high Cu
grade (total Mineral Resources for fresh ore and powder ore with high Cu grade
of 10.5 and 5.7 Mt of ore respectively).
5) Initial estimate prepared by Polymetal as at 01.07.2016. Price: Au
= US$1,100/oz. Revised estimate as at 01.01.2017.
6) Estimate prepared by Polymetal as at 01.01.2014. Price: Au =
US$1,300/oz. Revised estimate was not performed due to lack of material
changes.
7) Initial estimate prepared by Polymetal as at 01.01.2016. Price: Au=
US$1,100/oz, Ag = US$15/oz, Cu = US$5,000/t. Revised estimate was not
performed due to lack of material changes. Мineral Resources are presented in
accordance with the Company's ownership equal to 75%.
8) Initial estimate prepared by CSA as at 28.07.2016. Price: Au=
US$1,100/oz. Revised estimate prepared by Polymetal as at 01.01.2017 (only
stoping). Мineral Resources are presented in accordance with the Company's
ownership equal to 25%.
9) Estimate prepared by Polymetal as at 01.01.2016. Price: Au =
US$1,100/oz, Ag = US$15/oz. Revised estimate was not performed due to lack of
material changes.
10) Initial estimate prepared by Polymetal as at 01.01.2016. Price: Au =
US$1,100/oz, Ag = US$15/oz. Revised estimate was not performed due to lack of
material changes.
11) Initial estimate prepared by Polymetal as at 01.01.2016. Price: Au =
US$1,100/oz, Ag = US$15/oz. Revised estimate was not performed due to lack of
material changes.
12) Initial estimate prepared by Polymetal as at 01.01.2016. Price: Au =
US$1,100/oz, Ag = US$15/oz. Revised estimate was not performed due to lack of
material changes.
13) Estimate prepared by Polymetal as at 01.01.2016. Price: Au =
US$1,100/oz, Ag = US$15/oz. Revised estimate was not performed due to lack of
material changes.
14) Initial estimate prepared by Polymetal as at 01.01.2017. Мineral
Resources are presented in accordance with the Company's ownership equal to
80%.
15) Initial estimate prepared by Polymetal as at 01.01.2017.
16) Estimate prepared by Snowsden as at 01.07.2011. Price: Au =
US$1,150/oz, Ag = US$18.5/oz. Revised estimate was not performed due to lack
of material changes.
17) Initial estimate prepared by Polymetal as at 01.01.2017.
18) Initial estimate prepared by CSA as at 31.12.2014. Price: Au=
US$1,300/oz, Ag = US$20/oz, Cu = US$6,600/t, Zn = US$2,200/t. Revised estimate
prepared by Polymetal as at 01.01.2017 (only stoping). Zinc in the amount of
263 kt is not included in GE calculation.
19) Initial estimate prepared by CSA as at 01.01.2016. Price: Au=
US$1,100/oz, Ag = US$15/oz, Cu = US$5,000/t. Revised estimate was not
performed due to lack of material changes.
20) Estimate prepared by RPA Inc. as at 01.01.2015. Price: Au =
US$1,200/oz. Revised estimate was not performed due to lack of material
changes.
21) Initial estimate prepared by Snowden as at 01.01.2014. Price: Au=
US$1,300/oz. Revised estimate prepared by Polymetal as at 01.01.2017. Mineral
Resources are presented in accordance with the Company's ownership equal to
42.65%.
22) Initial estimate for open pit prepared by Snowden, for underground
by CSA Global Pty Ltd as at 01.01.2015. Price: Au = US$1,300/oz. Revised
estimate was not performed due to lack of material changes.
PGM Mineral Resources as at 1 January 2017(1)
Tonnage Grade Content
Mt Pd, g/t Pt, g/t Au, g/t Cu, % PdEq(2), g/t Pd, Moz Pt, Moz Au, Moz Cu, Kt PdEq, Moz
Indicated
Viksha project(3)
Viksha 27 0.6 0.2 0.1 0.10 1.4 0.5 0.1 0.1 29.6 1.3
Kenti - - - - - - - - - - -
Shargi - - - - - - - - - - -
Total Indicated 27 0.6 0.2 0.1 0.10 1.4 0.5 0.1 0.1 29.6 1.3
Inferred
Viksha project(3)
Viksha 52 0.6 0.2 0.1 0.09 1.3 1.0 0.3 0.2 49.5 2.3
Kenti 98 0.6 0.2 0.1 0.11 1.3 1.9 0.6 0.4 109.6 4.3
Shargi 36 0.6 0.2 0.1 0.08 1.3 0.7 0.2 0.1 31.7 1.5
Total Inferred 186 0.6 0.2 0.1 0.10 1.3 3.6 1.1 0.7 190.8 8.1
Indicated + Inferred
Viksha project(3)
Viksha 79 0.6 0.2 0.1 0.10 1.4 1.5 0.4 0.3 79.1 3.6
Kenti 98 0.6 0.2 0.1 0.11 1.3 1.9 0.6 0.4 109.6 4.3
Shargi 36 0.6 0.2 0.1 0.08 1.3 0.7 0.2 0.1 31.7 1.5
Total Indicated + Inferred 213 0.6 0.2 0.1 0.10 1.3 4.2 1.4 0.9 220.6 9.5
1) Мineral Resources are reported in accordance with the JORC Code
(2012). Mineral Resources are additional to Ore Reserves. Discrepancies in
calculations are due to rounding.
2) PdEq is calculated using the following formula: PdEq = Pd(g/t) +
Pt(g/t) *1.57 + Au(g/t) * 1.61 + Cu(%) * 2.33.
3) Initial estimate prepared by AMC Consultants as at 01.03.2015 using
COG (PdEq) = 0.5 g/t/. Revised estimate was not performed due to lack of
material changes.
This estimate was prepared by employees of JSC Polymetal Management Company
and JSC Polymetal Engineering, subsidiaries of the Company, 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 16 years' experience in gold, silver
and polymetallic mining. He is a Member of the Institute of Materials,
Minerals & Mining (MIMMM), 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, MIMMM, with 16 years' relevant
experience;
· Mining and Ore Reserves - Igor Epshteyn, Head of Mining Process
Department, MIMMM, with 35 years' relevant experience;
· Concentration and Metals - Igor Agapov, Deputy Director of Science
and Technology, MIMMM, with 19 years' relevant experience;
· Environmental issues - Tatiana Kuleshova, Director for Ecology,
MIMMM, with 26 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):
Au = US$1,200/oz;
Ag = US$16.0/oz;
Cu = US$4,500/t;
Gold equivalent data is based on "Conversion ratios of metals into gold
equivalent" provided in the Appendix below. Lead and zinc Ore Reserves and
Mineral resources have not been assessed due to immateriality and are not
included in the calculation of the gold equivalent.
Enquiries
Media Investor Relations
FTI ConsultingLeonid FinkJenny Payne +44 20 3727 1000 PolymetalMaxim NazimokEvgenia OnuschenkoMaryana Nesis ir@polymetalinternational.com +7 812 313 5964 (Russia)+44 20 7016 9503 (UK)
Joint Corporate Brokers
Morgan StanleySam McLennanRichard Brown +44 20 7425 8000 RBC Europe LimitedTristan LovegroveMarcus Jackson +44 20 7653 4000
RBC Europe LimitedTristan LovegroveMarcus Jackson
+44 20 7653 4000
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
AuEqv=Me/k
Where Me is the evaluated metal content (silver g/t, copper %)
Where k is the silver 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 (%): k = 100*((Au price/31.1035-treatment charge Au)*(1-royalty
Au%/recovery Au%)*(recovery Au%))/((Cu price-treatment charge Cu)*(1-royalty
Cu%/recovery Cu%)*(recovery Cu%)),
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.
Silver/gold equivalent and copper/gold equivalent conversion ratios:
Deposit Ore processing technology k
Ag Cu
Dukat Conventional flotation 84
Lunnoye Cyanidation+Merrill Crowe process 81
Goltsovoye Conventional flotation 78
Arylakh Cyanidation+Merrill Crowe process 81
Perevalnoye Conventional flotation 73
Primorskoye Conventional flotation 78
Varvara Powder ore with high copper content (1) 0.67
Primary ore with high copper content - conventional flotation 0.67
Tarutin Primary ore - conventional flotation 94 0.53
Oxidised ore - conventional flotation 94 0.53
Birkachan Cyanidation сarbon-in-pulp 81
Heap leaching+сarbon-in-colon 106
Sopka Kvartsevaya Cyanidation+Merrill Crowe process 76
Heap leaching+Merrill Crowe process 110
Oroch Cyanidation+Merrill Crowe process 76
Olcha Cyanidation+Merrill Crowe process 86
Dalneye Cyanidation+Merrill Crowe process 99
Heap leaching+Merrill Crowe process 130
Tsokol Kubaka Cyanidation сarbon-in-pulp 92
Burgali Cyanidation+Merrill Crowe process 115
Irbychan Cyanidation+Merrill Crowe process 80
Yolochka Cyanidation сarbon-in-pulp 91
Nevenrekan Cyanidation+Merrill Crowe process 98
Voro Heap leaching+Merrill Crowe process 233
Cyanidation сarbon-in-pulp 117
North Kaluga Conventional flotation 91 0.68
Tamunier Conventional flotation 199
Saum Conventional flotation 67 0.60
Svetloye Heap leaching+Merrill Crowe process 639
Avlayakan Cyanidation+Merrill Crowe process 86
Ozerny Cyanidation+Merrill Crowe process 107
Khakanja Cyanidation+Merrill Crowe process 102
Levoberezhnoye Cyanidation сarbon-in-pulp 88
Kirankan (2) Cyanidation+Merrill Crowe process 60
Maimakan-Kundumi Cyanidation+Merrill Crowe process 86
Kapan Conventional flotation 82 0.70
Lichkvaz Conventional flotation 100 0.59
1) This type of ore is currently not being processed, it is stockpiled
and reflected only in Mineral Resources.
2) Silver to gold equivalent conversion ratios were not recalculated
to deposits that were evaluated in 2011-2012.
This information is provided by RNS
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