By Adriano Marchese

 

Polyus PJSC said Thursday that it has increased its estimates for ore reserves and mineral resources.

The Russian gold miner said its total proved and probable ore reserves increased to 104 million ounces of gold as of Dec. 31, 2020, compared with 61 million a year earlier, which represents an increase of 71%.

Polyus said the new estimates primarily reflect the inclusion of ore reserves for Sukhoi Log in Russia as well as additions at several operating mines.

The measured, indicated and inferred mineral resources are estimated at 204 million ounces of gold, up from 188 million ounces as of Dec. 31, 2019.

"Polyus is now confirmed to have the largest reserve base globally, with approximately 97% of these reserves attributable to our operating mines and our flagship greenfield project, Sukhoi Log, where we plan to complete the Bankable Feasibility Study and make a final investment decision on the project in 2022," Chief Executive Pavel Grachev said.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

April 29, 2021 10:44 ET (14:44 GMT)

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