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Increased Komar gold reserves to extend Polymetal's Varvara mine life by 3 years

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Increased Komar gold reserves to extend Polymetal's Varvara mine life by 3 years

Ore reserves at Polymetal International Plc's Komar gold deposit in Kazakhstan increased 60% in terms of tonnage and 57% in terms of contained gold as of June 1.

The company said Oct. 11 that the increase in reserves will extend the mine life of its Varvara hub by three years until 2032.

Proven and probable reserves at Komar contain 1.4 million ounces within 24.1 million tonnes of ore grading 1.8 g/t gold, compared to the January estimate of 873,000 ounces contained within 15 million tonnes at the same grade.

Polymetal plans to mine and process about 2 million tonnes of ore per year from Komar at the Varvara processing plant, increasing from the 1 Mt/y ore production rate forecast at the time of its acquisition.