Gold production launched at new deposit in Kazakhstan
Baku, Azerbaijan, Oct. 18
By Elena Kosolapova – Trend:
Russian company Polymetal has said it launched gold production at the Komarovskoye deposit in Kazakhstan.
Open-pit mining at Komarovskoye is ramping up with the first 30,000 tons of ore railed for processing. In total, as much as 65,000 tons of ore have been extracted from this deposit since the start of operation.
Polymetal acquired Komarovskoye Gold Deposit from Kazzinc, a subsidiary of Anglo-Swiss Glencore Plc in early August 2016.
According to the JORC Code from 2012, total probable pre-reserves at the Komarovskoye deposit are estimated at 14.2 million tons at an average grade of 2 grams per ton Au with 0.9 million ounces of contained gold.
Mineral resources (additional to ore reserves) are estimated at 9.8 million tons of ore at an average grade of 2.2 grams per ton Au containing 0.7 million ounces of gold.
Polymetal extracted 1.94 million tons of ore at Varvara gold deposit in Kazakhstan in January-September 2016, which is 24 percent less than in the same period of 2015, the company said.
Gold production from these two deposits reached 52,800 ounces in the reporting period, which is 2 percent less compared to the same period of 2015. In Q3 2016 Varvara gold production increased 25 percent year-on-year, mostly driven by improved grades and recovery levels at the leaching circuit.
The Kyzyl gold project comprises the Bakyrchik and Bolshevik gold deposits and is located in northeastern Kazakhstan. Bakyrchik contains 6.7 million ounces of gold maintaining 7.5 grams of gold per metric ton, and its life will reach 20 years.
Polymetal acquired Kyzyl project in 2014 and this deal increased the company’s gold equivalent reserves by approximately 50 percent.