Polymetal raises reserve estimates at Kyzyl

Russia-focused gold miner Polymetal on Monday lifted its assessment of gold reserves at its Kyzyl mine by 18% to 8.5m ounces, equating to 41.7m tonnes of ore at an average grade of 6.3 grammes a tonne.

Open-pit reserves at the Kazakhstan operation increased by 37% to 4.2m oz of gold contained at an average grade of 5.7 g/t, while underground reserves were up 4% to 4.3m oz of gold contained at an average grade of 7.1 grammes per tonne.

The update extended the mine's life by eight years to 2047, and the life of the open pit by five years to 2031.