Polymetal sees reserves fall in 2011
Russia-focused mining firm Polymetal saw its proved and probable gold equivalent reserves fall by a tenth during 2011, as a result of reserve depletion.
Russia-focused mining firm Polymetal saw its proved and probable gold equivalent reserves fall by a tenth during 2011, as a result of reserve depletion.
As of January 1st 2012, gold equivalent ore reserves stood at 14.3Moz, down 10% on the 15.9Moz reported on the same date in 2011. The firm assures that the average resources grade remains high at 3.9 g/t of gold equivalent.
Meanwhile, gold reserves fell by 8%, silver reserves dropped by 10% and copper reserves were down 25%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Mineral resources of gold equivalent - accounting for indicated, measured and inferred resources - improved by 2% to 13.8Moz mainly due to the new resources added at its Dalneye deposit in the Omolon Regional Program.
The company said that its used conservative prices for precious metals for reserve estimation ($1,200/oz for gold and $20/oz for silver) and this leaves "substantial amounts of economically mineable material outside reserve estimates, particularly at Dukat mine."
"We expect that a modest reduction in Polymetal's ore reserves in 2011 will be more than reversed in 2012 as our exploration efforts translate into new significant reserve and resource additions,"said Vitaly Nesis, Chief Executive Officer of Polymetal.
BC
-
Lloyds, Halifax and Bank of Scotland to shut another 45 branches
Lloyds Banking Group, which includes Halifax and Bank of Scotland, is set to close a further 45 branches in 2024 - find out if a branch near you is closing.
By Vaishali Varu Published
-
US stock trading app Robinhood launches in the UK
The low-cost trading platform has opened another waiting list for British investors - following two failed attempts to launch in this country - and is hoping to be fully operational next year.
By Ruth Emery Published