PJSC Polyus (LSE, MOEX — PLZL) (“Polyus”, the “Company”) announces its Ore Reserves and Mineral Resources estimates as at 31 December 2020, in accordance with JORC Code 2012.
The Company’s total Proved and Probable Ore Reserves have increased 71% to 104 million ounces of gold, compared to 61 million ounces of gold as at 31 December 2019. The updated estimate primarily reflects the inclusion of Ore Reserves for Sukhoi Log as well as additions at several operating mines, derived from a comprehensive drilling program across the Company’s asset portfolio launched in 2018.
The Measured, Indicated and Inferred Mineral Resources are estimated at 204 million ounces of gold, compared to 188 million ounces of gold as at 31 December 2019.
“Polyus is now confirmed to have the largest reserve base globally, with approximately 97% of these reserves attributable to our operating mines and our flagship greenfield project, Sukhoi Log, where we plan to complete the Bankable Feasibility Study and make a final investment decision on the project in 2022. This is further confirmation of the Company’s ability to maintain long-term sustainable gold production. We will proceed with exploration activities across the group aimed at expanding our resource base.”
The Company’s Mineral Resources are estimated at 204 million ounces of gold, compared to 188 million ounces as at 31 December 2019. This increase mainly reflects:
The Company’s Mineral Resource and Ore Reserve estimates are summarized in the Tables below. The effective date for the estimates is 31 December 2020.
Since the 2019 Polyus Annual Review, there have been material changes to some individual Mineral Resource and Ore Reserve estimates. JORC Code Table 1 disclosures for all estimates are available on the Polyus website and can be accessed using the following link: https://polyus.com/en/operations/reserves_and_resources/
The Ore Reserve and Mineral Resource estimates are classified and reported according to the JORC Code reporting requirements. The Competent Persons responsible for each estimate of Ore Reserves and Mineral
Resources are:
All Competent Persons are Members of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists, or approved Recognized
Professional Organisations, and have sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Persons as defined in the JORC Code.
In reporting the Mineral Resources and Ore Reserves referred to in this public release, AMC, Cameron Mining Pty Ltd and Red Dot 3D have acted as independent parties, have no interest in the outcomes of Polyus projects, and have no business relationship with Polyus other than undertaking those individual technical consulting assignments as engaged, and being paid according to standard per diem rates with reimbursement for out-of-pocket expenses. Therefore, AMC, Cameron Mining Pty Ltd, Red Dot 3D and the Competent Persons believe that there is no conflict of interest in undertaking the
assignments which are the subject of the statements.
Polyus
Polyus is the world’s fourth-largest gold mining company by production volumes and the largest gold miner in terms of attributable gold Ore Reserves. The company demonstrates the lowest production costs among major global gold producers. Its principal operations are located in Siberia and the Russian Far East: Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).
Enquiries
Investor and Media contact
Victor Drozdov, Director
Communications & Investor Relations (CIR) Department
+7 (495) 641 33 77
drozdovvi@polyus.com
Forward looking statement
This announcement may contain “forward-looking statements” concerning Polyus and/or Polyus group. Generally, the words “will”, “may”, “should”, “could”, “would”, “can”, “continue”, “opportunity”, “believes”, “expects”, “intends”, “anticipates”, “estimates” or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of Polyus’ and/or Polyus group’s operations. Many of these risks and uncertainties relate to factors that are beyond Polyus’ and/or Polyus group’s ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. Polyus and/or any Polyus group company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.
This is an exact reproduction of Polyus’ Press Release. Download PDF of Press Release here.
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