Wednesday, January 24 2018 20:43
Emmanuil Mkrtchyan

Polymetal in 2017 processed 530 thousand tons of ore at Kapan mine

Polymetal in 2017 processed 530 thousand tons of ore at Kapan mine

ArmInfo. The Kapan Ore Mining and Processing Enterprise, a member of the Polymetal International plc group of companies, produced 527,000 tonnes in 12 months of 2017 and processed 530,000 tonnes of ore. Only in the IV quarter of the volume of production amounted to 140 thousand tons, processing volumes -141 thousand tons. At the same time, production exceeded the indicator for the same period last year by 33%, processing - by 24%. This is stated in the company's report on the production results of the fourth quarter of 2017.

According to the report, the gold content in tonne of processed ore in the IV quarter was 2.2 grams, which is 38% higher compared to the results of the fourth quarter of 2016, the silver content was 33 g. (+ 6%), copper - 0.34% (+ 57%) and zinc - 2.41% (+ 119%). At the same time, gold recovery ratio was 79.8% (+ 5%), silver 82.1% (+ 8%), copper 93.6% (+ 7%) and zinc 85.5% (+0%). , gold production in the fourth quarter amounted to 6.9 thousand ounces (in the 12 months of 2017 - 28.0 thousand ounces), silver - 0.1 million ounces (0.5 million ounces), copper-0.4 thousand tonnes (1.3 thousand tons ) and zinc - 1.2 thousand tons (4.8 thousand tons). In the fourth quarter, as noted in the report, gold production in Kapan exceeded the indicator of the third quarter by 3%.

The annual gold production amounted to a record 28 thousand ounces and 50 thousand ounces in gold equivalent. Excellent production results in Kapan were achieved due to an increase in processing volumes and improvement in ore content, given the continued introduction of measures to increase the productivity of the underground mine and the level of extraction.

According to the report, for 12 months of 2017, mining operations (underground penetration) at the Shaumyan field operated by the company amounted to 16937 meters.

The total annual production of the Polymetal Group in 2017 increased by 13% compared to last year to 1,433 thousand of gold equivalent, exceeding by 2% the production plan of 1,400 thousand ounces. The annual gold production amounted to 1,075 thousand ounces, which is 21% more than in the previous year.  This allowed Polymetal to enter the prestigious list of companies with a gold production volume of more than 1 million ounces and become the second gold mining company whose shares are quoted on the London Stock Exchange, which achieved such an important result.

In 2017, Polymetal paid dividends worth US $ 138 million, ensuring a dividend yield of 2.7% of the average price per share for the year.

Polymetal confirms the production plan for 2018 in the amount of 1.55 million ounces of gold equivalent and for 2019 in the amount of 1.7 million ounces of gold equivalent. The main factors of growth will be the launch and launch of Kyzyl for project indicators, the re-launch of the section for the processing of oxidized ore at Maisky and the continuing improvements in the work of Varvarinskiy and Kapan. All this should compensate for the planned decline in the content of Khakanja and Vorontsovsky. As in previous years, production for the next two years, traditionally, will be higher in the second half due to seasonality.

"Polymetal completed 2017 with excellent results and exceeded the production plan for the sixth year in a row," said Vitaly Nesis, Group CEO. - Ahead is an important year in which the beginning of production in Kyzyl will prepare the ground for investment decisions on Nezhdaninskoye and AGMK-2. At the same time, we will continue to generate a positive cash flow and give priority to the payment of dividends in the distribution of capital."

The company Polymetal began its activities in Armenia in 2015 with the acquisition of shares in ZAO Lychkvaz, which has the right to use subsoil in relation to the gold deposit of Lichkvaz-Tey. Kapan company acquired in April 2016. The plant includes an underground mine, a processing plant and a flotation infrastructure facilities. Preparatory works are under way on the Lichkvaz for the expansion of the tunnel for the subsequent drilling of the preparatory and rifled excavations in the current year.

Polymetal - one of the world's largest producers of primary silver, is one of the three leading gold mining companies in Russia. It conducts extraction of precious metals and geological exploration in Russia, Kazakhstan and Armenia. Polymetal Int independently carries out the whole complex of works on development of ore deposits - from geological exploration to operation. The key element of the strategy is the creation of processing centers (hubs), which allow the most effective and responsible use of financial and human resources, contribute to achieving higher returns on invested capital. In November 2011, Polymetal Int was the first Russian company to receive a premium listing on the London Stock Exchange (ticker POLY).

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