8 Mar 2019 07:02
Polymetal International plc (POLY) Polymetal International plc: Ore Reserves, Mineral Resources and Exploration update as at 1 January 2019 08-March-2019 / 10:00 MSK Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
Polymetal International plc Ore Reserves, Mineral Resources and Exploration update as at 1 January 2019
Polymetal International plc announces its exploration update for the year ended 31 December 2018, and reports its Ore Reserves and Mineral Resources as at 1 January 2019 in accordance with the JORC Code (2012)1. "In 2018, Polymetal significantly expanded its mineral inventory on the back of a twofold increase in Ore Reserves at Nezhda, a 5-year life-of-mine extension at Mayskoye and confirmation of a world-class resource at Prognoz", - said Vitaly Nesis, Group CEO of Polymetal, commenting on the results. "In 2019 we will continue to focus on extending the life-of-mine at producing assets". 2018 HIGHLIGHTS Group Ore Reserves increased by 15% year-on-year and are now estimated at 24.0 Moz of gold equivalent (GE). The main drivers were the successful resource-to-reserve conversion at Mayskoye and the completion of a revised estimate at Nezhda following the Company's consolidation of 100% ownership in the property. The share of gold in Ore Reserves increased to 93%. Mineral Resources (in addition to Ore Reserves) grew 44% year-on-year to 26.3 Moz of GE on the back of an initial Mineral Resource estimate at Prognoz and Bolshevik (Kyzyl), as well as the revised estimate at Nezhda. The share of gold in Mineral Resources stands at 80%, silver at 17%. The average grade in Ore Reserves remained largely unchanged over the previous year at 3.8 g/t of GE and remains one of the highest in the sector. The average grade in Mineral Resources increased 8% to 5.1 g/t of GE on the back of high-grade additions at Nezhda and Prognoz. In 2018, the Company continued to use conservative price assumptions of US$ 1,200/oz for gold and lowered the silver price from US$ 16/oz to US$ 15/oz. GE Ore Reserves per share grew 6% year-on-year. Polymetal completed 350 km of exploration drilling in 2018.1) Hereinafter Ore Reserves and Mineral Resources are reported as from continuing operations (Kapan mine sold in January 2019 was classified as a discontinued operation as at 1 January 2019).
Ore Reserves and Mineral Resources summary (1)(2)
1) Ore Reserves and Mineral Resources from continuing operations (Kapan mine sold in January 2019 classified as a discontinued operation as at 1 January 2019). 2) Mineral Resources are additional to Ore Reserves. Ore Reserves of Lead are not presented due to the immateriality and are not included in the calculation of the gold equivalent. PGM Mineral Resources are presented separately and are not included in the calculation of the gold equivalent. Discrepancies in calculations are due to rounding. 2019 OUTLOOK In 2019, Polymetal will continue to invest in both near-mine and green-field exploration projects. One key area of focus will be the implementation of new exploration techniques including airborne geophysics and 2-D seismics. The Company is also evaluating the benefits of investing in junior explorers through strategic cooperation agreements. The key objectives are as follows: Complete a full revaluation of Ore Reserves and Mineral Resources at Kyzyl based on actual operating statistics and additional exploration results Achieve upgrade of inferred resources into higher categories and/or resource-to-reserve conversion at the following properties: Saum and Pescherny at Voro Levoberezhny at Svetloye Perevalnoye and Lunnoye deep horizons at Dukat Elevator at Varvara Flanks and smaller ore bodies at Nezhda Eastern extension of Bakyrchik at Kyzyl Prepare updated Mineral Resource estimates at Prognoz and Viksha Prepare an updated Ore Reserve and Mineral Resource estimate at Veduga
1) Ore Reserves and Mineral Resources from continuing operations (Kapan mine sold in January 2019 was classified as a discontinued operation as at 1 January 2019). Discrepancies in calculations are due to rounding.
1) Discrepancies in calculations are due to rounding. 2) For the gold equivalent conversion ratios and applicable processing technology please refer to the Appendix.
Mineral Resources and Ore Reserves as at 1 January 2019 (excluding Kapan) (1)
1) Ore Reserves and Mineral Resources from continuing operations (Kapan mine sold in January 2019 was classified as a discontinued operation as at 1 January 2019). Mineral Resources and Ore Reserves in accordance with the JORC Code (2012). Mineral Resources are additional to Ore Reserves. Ore Reserves for Lead are not presented due to their immateriality and are not included in the calculation of the gold equivalent. A detailed table of Mineral Resources and Ore Reserves on a by-mine basis are presented below. PGM Mineral Resources are presented separately and are not included in the calculation of the gold equivalent. Any discrepancies in calculations are due to rounding.
1) Discrepancies in calculations are due to rounding.
EXPLORATION RESULTS In 2018, exploration efforts were mostly focused on exploration projects in close proximity to the Company's producing assets in the Magadan, Sverdlovsk and Khabarovsk regions, and on new assets in Yakutia and Karelia. Exploration activities were carried out on 51 licensed properties with 350 km of drilling completed in the course of 2018. Kyzyl At Bolshevik (7 km from the concentrator), the Company completed an initial Mineral Resource estimate comprising 704 Koz of gold with an average grade of 3.4 g/t. At Bakyrchik, exploration activities in 2018 were carried out with a goal to prepare an updated Ore Reserve estimate in 2019. Exploration drilling at the Promezhutochniy and Glubokiy Log ore zones (41 drill holes totaling 7.3 km) resulted in an increase in mineral resources according to the sum of the Inferred and Indicated categories. In 2019, Polymetal plans to complete a full revaluation of Ore Reserves and Mineral Resources at the Bakychik deposit based on actual operating data and fresh exploration results.Albazino In 2018, exploration activities were focused on preparing open-pittable reserves at the Farida and Ekaterina 1&2 ore zones for mining. Drilling volumes increased 54% year-on-year, totaling 46.6 km. A 33% increase in additional mineral resources was achieved at Albazino, adding 403 Koz of gold. Total Mineral Resources now comprise 1.6 Moz of GE with an average grade of 4.6 g/t. In 2019, the Company plans to carry out prospecting and evaluation activities at the Syransk and Urkachik properties.Mayskoye In 2018, Polymetal continued its exploration efforts at Mayskoye, adding 777 Koz of gold to reserves as a result of successful resource-to-reserve conversion and extending its life of mine by 5 years. The updated Ore Reserve estimate now comprises 10 Mt of ore at 6.9 g/t containing 2.2 Moz of gold. This represents a sizeable increase over the previous estimate with a 49% increase in tonnage, a 5% improvement in grade and a 55% jump in gold contained. Additional Mineral Resources at Mayskoye as at 1 January 2019 are estimated at 2.8 Moz of gold with an average grade of 11.4 g/t. In 2019, the Company continue exploration with the goal to further extend its life-of-mine. Exploration activities will focus on delineating ore bodies and further resource growth.Varvara hub In 2018, at Komarovskoye, exploration efforts were mostly focused on the Elevator property, a new prospect situated 8 km east of the Komar deposit. The Company drilled a total of 31.4 km at Komarovskoye and completed the delineation of gold ore bodies at the northern and southern flanks. In 2019, exploration activities will be focused on the western flanks of the Elevator property. At Komar, additional Mineral Resources increased by 225 Koz of GE on the back of lower stripping and mining costs, and consequently, expansion of the open-pit. At the East Tarutin gold-copper deposit (owned by Polymetal since 2018), the Company intends to restart exploration activities with the goal to complete a JORC-compliant Ore Reserve estimate in 1H 2020. This will require more than 32 km of drilling at the property in 2019.Voro hub In 2018, the Company increased Voro's mineral resources by 19% to 1.2 Moz GE, primarily driven by additions from the Saum and Pescherniy properties. This will allow for an extension of Voro's life of mine and halt the production decline. At Pesherny (30 km from the CIP plant), exploration activities drove a 12% increase in Mineral Resources, which now comprise 505 Koz of gold with an average grade of 7.7 g/t. In 2019, the Company plans to complete 10 km of drilling with the goal to upgrade open-pit and underground resources to the Indicated category. At Saum, the Company achieved a twofold increase in Mineral Resources, adding 400 Koz of GE with an average grade of 9.8 g/t. In 2019, efforts will focus on 0.8 km of in-fill drilling of conductivity anomalies, and the completion of geophysical surveys aimed at the discovery of new ore bodies. At the Voro open pit, exploration was mostly focused on the assessment of mineralization below the ultimate pit floor at the northern flanks of the property where ore bodies are not delineated down-dip and along strike. As a result, new ore bodies were discovered, and known ore bodies were traced. In 2019, the Company plans to finalize the assessment of mineralization below the pit.Dukat hub At Lunnoye, depletion was partially offset by reserve additions of 37 Koz of GE, which was mainly driven by positive exploration results at the south-western flank of ore zone 9. In 2019, Polymetal plans to complete the assessment of Perevalnoye and prepare an updated Mineral Resource and Ore Reserve estimate for the property. Prospecting at the Dukat flanks and deeper levels of Lunnoye is set to continue. The Company also plans to complete an aerogeophysical survey at the Dukat ore field and its flanks with a total area of approximately 1000 km2.Omolon hub At Olcha, Mineral Resources (including Ore Reserves) increased by 39 Koz of GE as a result of the 2018 exploration campaign. At Nevenrekan, 62 Koz of GE were added to Mineral Resources, with the updated estimate now comprising 164 Koz of GE with an average grade of 12.4 g/t. In 2019, the Company plans to complete the delineation of ore body 1 and further prospecting activities aimed at identifying ore bodies under basalt. In 2019, Polymetal plans to complete prospecting activities at the north-western flank of the Tsokol property and prepare Yolochka for the start of open-pit mining.Svetloye At Svetloye, an increase in additional Mineral Resources was achieved, adding 86 Koz of gold. In 2019, the Company plans to undertake additional prospecting drilling and trenching at the flanks of the Svetloye deposit. At Levoberezhny (35 km from Svetloye), the results of in-fill drilling confirmed the continuity of mineralisation and the viability of using heap-leaching to recover gold.Nezhda In 2018, exploration activities were focused on preparing open-pit reserves in ore zone 1 for open-pit mining. A total of 26 km was drilled at the property. An updated Ore Reserve and Mineral Resource estimate was prepared in accordance with the JORC Code (2012) as of April 1, 2018: Mineral Resources (inclusive of Ore Reserves) comprise of 12.4 Moz of gold equivalent ("GE") with an average GE grade of 4.5 g/t, a 1.6 Moz increase compared with the previous estimate. The estimate of Proved and Probable Ore Reserves increased by 2.4 Moz of GE and now contains 38 Mt at an average grade of 3.6 g/t GE for 4.4 Moz of GE contained. Open-pit reserves increased by 55% from 2.0 Moz to 3.1 Moz; open-pit reserves now comprise 70% of total reserves. The FS envisions 25 years of production from 2021 to 2045. The life of mine plan includes 19 years of conventional open-pit mining from 2019 to 2037, and 17 years of production from underground ore from 2029 to 2045. The estimate has been updated with 217 additional drill holes (39 km) and is based on data from a total 64,708 m of diamond drilling completed by Polymetal between 2015 and 2018 in addition to the 339,392 m of drilling completed by previous owners. Two hundred and ninety-four mineralised intersections were identified based on fire assay results. Mineral Resources for the open pit were estimated up to a depth of 250 m from the surface, with the underground portion estimated up to a depth of 440 m from the surface.
Prognoz In 2018, Polymetal increased its interest in Prognoz to 100% and completed 60 km of in-fill drilling that resulted in an updated JORC-compliant Mineral Resource estimate. The Mineral Resource estimate was prepared by Polymetal and independently audited by SRK Consulting (Russia) Ltd, effective as at 1 August 2018. In-fill drilling results exceeded our expectations and strengthened our belief that Prognoz may succeed Dukat as one of the largest primary silver deposits in the world. The new estimate incorporates data from 532 additional diamond drill holes (71,2 km) completed by Polymetal in 2017-2018. Compared with the previous Mineral Resource estimate completed by Micon in 2009, Polymetal added lead and used higher cut-off grades together with conservative extrapolation parameters to ensure a more robust and reliable estimate. As a result, the new estimate in comparison with the previous one has the following key characteristics: Silver equivalent contained totaled 256 Moz at 789 g/t Pure silver contained decreased by 19% from 293 Moz to 237 Moz Average silver grade increased by 25% from 586 g/t to 731 g/t Average vein width increased by 15% from 1.9 m to 2.2 m The share of open-pit resources comprises 46% The share of resources within the Indicated category increased from 50% to 61% The share of resources in two largest veins (Main and Swamp) increased from 73% to 80% In 2019 Polymetal plans to complete: 24.3 km of diamond drilling to upgrade the existing inferred resources to indicated category. Based on historic experience, the management expects at least 80% conversion rate 15.7 km of diamond drilling to establish new resources on extensions of Main and Swamp Zones along the strike as well as at Lucky, Spring, Faraway, and Sunny veins. Polymetal expects to add at least 60 Moz of contained silver after completing this campaign.Veduga In 2018, the Company increased its ownership in Veduga to 74.3%. As a result of additional exploration at the deeper levels of ore bodies 1 and 18, 125 Koz of gold were added to Mineral Resources. In 2019, Polymetal intends to reevaluate Ore Reserves and achieve reserve growth by including the flanks and deeper levels of the deposit in the estimate.PGMs 9.3 km of exploration drilling was completed at Viksha in Karelia with the goal to prepare the deposit for a reserve estimate in the future. The Company expects to announce the updated Mineral Resource estimate for the property in Q3 2019. In 2019, exploration activities are set to continue at the flanks of the property with a view to upgrade resources from the Inferred category to Indicated, and update the estimate to reflect the growth in PGM prices. Polymetal intends to continue searching for and assessing prospective properties with the goal of discovering new PGM projects around Karelia that fit the Company's requirements in terms of size for a stand-alone operation.
Ore Reserves as at 1 January 2019 (1)
1) Ore Reserves in accordance with the JORC Code (2012). Discrepancies in calculations are due to rounding. 2) Previous estimate prepared by RPA Inc. as at 01.01.2015. Price: Au = US$1,200/oz. Revised estimate was prepared by Polymetal as at 01.01.2019 (accounts only for depletion). 3) Cu grade in Ore Reserves only represents average grade in flotation feed. Ore Reserves for flotation: 2.6 Mt Proved and 2.3 Mt Probable. 4) Estimate prepared by Polymetal as at 01.01.2014. Price: Au = US$1,300/oz. Revised estimate was not performed due to lack of material changes. 5) Stockpiled Ore Reserves. 6) Stockpiled Ore Reserves. 7) Estimate prepared by Polymetal as at 01.01.2016. Price: Au = US$1,100/oz and Ag = US$15/oz. Revised estimate was not performed due to lack of material changes. 8) Initial estimate prepared by Polymetal as at 01.07.2014. Price: Au = US$1,300/oz, Ag = US$20/oz, Cu = US$7,000/t and Zn = US$1,700/t. Revised estimate was not performed due to lack of material changes. 9) Initial estimate prepared by CSA as at 01.04.2018. Price: Au = US$1,200/oz and Ag = US$16/oz. Revised estimate was not performed due to lack of material changes. 10) Ore Reserves are presented in accordance with the Company's ownership equal to 74.3%. 11) Initial estimate prepared by Snowden as at 01.01.2015. Price: Au= US$1,300/oz. Only Ore Reserves estimate for Heap Leach. Revised estimate was not performed due to lack of material changes. 12) Initial estimate prepared by Polymetal as at 01.01.2018. Price: Au = US$1,200/oz, Ag = US$16/oz, Cu = US$5,500/t. Revised estimate was prepared by Polymetal as at 01.01.2019 (accounts only for depletion). 13) Asset sold in January 2019. Initial estimate prepared by Polymetal as at 01.01.2018. Price: Au = US$1,200/oz, Ag = US$16/oz, Cu = US$5,500/t and Zn = US$2,200/t. Revised estimate was prepared by Polymetal as at 01.01.2019 (accounts only for depletion). Mineral Resources as at 1 January 2019 (1)
1) Мineral Resources are reported in accordance with the JORC Code (2012) and are additional to Ore Reserves. Discrepancies in calculations are due to rounding. 2) Initial estimate prepared by RPA Inc. as at 01.01.2015. Revised estimate prepared by Polymetal as at 01.01.2019 (accounts only for depletion). 3) Estimate prepared by CSA Global Pty Ltd as at 01.01.2017. Price: Au = US$1,250/oz, Ag = US$16 /oz. Revised estimate was not performed due to lack of material changes. 4) Cu estimate is listed for fresh ore and powder ore that has high Cu grade (total Mineral Resources for fresh ore and powder ore with high Cu grade of 3.2 and 6.0 Mt of ore respectively). 5) Estimate prepared by Polymetal as at 01.01.2014. Price: Au = US$1,300/oz. Revised estimate was not performed due to lack of material changes. 6) Stockpiled Ore Reserves. 7) Stockpiled Ore Reserves. 8) Estimate prepared by Polymetal as at 01.01.2016. Price: Au = US$1,100/oz, Ag = US$15/oz. Revised estimate was not performed due to lack of material changes. 9) Initial estimate prepared by Polymetal as at 01.01.2016. Price: Au = US$1,100/oz, Ag = US$15/oz. Revised estimate was not performed due to lack of material changes. 10) Estimate prepared by Polymetal as at 01.01.2018. Price: Au = US$1,200/oz, Ag = US$16/oz. Revised estimate was not performed due to lack of material changes. 11) Initial estimate prepared by CSA as at 01.04.2018. Price: Au= US$1,200/oz, Ag = US$16/oz. Revised estimate was not performed due to lack of material changes. 12) Mineral Resources are presented in accordance with Company's ownership equal to 74.3%. 13) Initial estimate for open pit prepared by Snowden, for underground by CSA Global Pty Ltd as at 01.01.2015. Price: Au = US$1,300/oz. Initial estimate for ore zone Delinskay at Kutyn deposit prepared by Polymetal as at 01.01.2019. 14) Estimate prepared by SRK Consulting (Russia) Limited as at 01.08.2018. Price: Ag = US$16/oz, Pb = US$2,200/t. Revised estimate was not performed due to lack of material changes. Recalculation into gold equivalent was made by Polymetal based on Au= US$1,200/oz, Ag = US$15/oz. 15) Initial estimate prepared by Polymetal as at 01.01.2018. Price: Au = US$1,200/oz, Ag = US$16/oz, Cu = US$5,500/t. Revised estimate prepared by Polymetal as at 01.01.2019 (accounts only for depletion). 16) Asset sold in January 2019. Initial estimate prepared by Polymetal as at 01.01.2018. Price: Au = US$1,200/oz, Ag = US$16/oz, Cu = US$5,500/t and Zn = US$2,200/t. Revised estimate prepared by Polymetal as at 01.01.2019 (accounts only for depletion).
PGM Mineral Resources as at 1 January 2019 (1)
1) Мineral Resources are reported in accordance with the JORC Code (2012). Mineral Resources are additional to Ore Reserves. Discrepancies in calculations are due to rounding. 2) PdEq is calculated using the following formula: PdEq = Pd (g/t) + Pt (g/t) *1.57 + Au (g/t) * 1.61 + Cu (%) * 2.33. 3) Initial estimate prepared by AMC Consultants as at 01.03.2015 using COG (PdEq) = 0.50 g/t/. Price for Pd = 750 US$/oz, Pt = 1,180 US$/oz, Au = 1,200 US$/oz and Cu = 5,700 US$/oz per tonne. Revised estimate was not performed due to lack of material changes. This estimate was prepared by employees of JSC Polymetal Management Company and JSC Polymetal Engineering, subsidiaries of the Company, led by Mr. Valery Tsyplakov, who assumes overall responsibility for the Mineral Resources and Ore Reserves Report. Mr. Tsyplakov is the employed full-time as the Managing Director of JSC Polymetal Engineering and has more than 18 years' experience in gold, silver and polymetallic mining. He is a Member of the Institute of Materials, Minerals & Mining (MIMMM), London, and a Competent Person under the JORC Code. Listed below are other Competent Persons employed by the Company that are responsible for relevant research on which the Mineral Resources and Ore Reserves estimate is based: Geology and Mineral Resources - Roman Govorukha, Head of Geologic Modelling and Monitoring Department, MIMMM, with 18 years' relevant experience; Mining and Ore Reserves - Igor Epshteyn, Head of Mining Process Department, FIMMM, with 37 years' relevant experience; Concentration and Metals - Igor Agapov, Deputy Director of Science and Technology, MIMMM, with 21 years' relevant experience;All the above mentioned Competent Persons have sufficient experience that is relevant to the style of mineralisation and types of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). All Competent Persons have given their consent to the inclusion in the report of the matters based on their information in the form and context in which it appears. Metals prices used in estimating Mineral Resources and Ore Reserves are listed below (unless otherwise indicated in the footnotes): Au = US$ 1,200/oz; Ag = US$ 15.0/oz; Cu = US$ 5,500/t; Zn = US$ 2,200/t. Pb = US$ 2,200/t Gold equivalent data is based on "Conversion ratios of metals into gold equivalent" provided in the Appendix below. Enquiries
FORWARD-LOOKING STATEMENTS
THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, "FORWARD-LOOKING STATEMENTS". THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS RELEASE. THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS "TARGETS", "BELIEVES", "EXPECTS", "AIMS", "INTENDS", "WILL", "MAY", "ANTICIPATES", "WOULD", "COULD" OR "SHOULD" OR SIMILAR EXPRESSIONS OR, IN EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY DISCUSSION OF STRATEGIES, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS. THESE FORWARD-LOOKING STATEMENTS ALL INCLUDE MATTERS THAT ARE NOT HISTORICAL FACTS. BY THEIR NATURE, SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY'S CONTROL THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS REGARDING THE COMPANY'S PRESENT AND FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN WHICH THE COMPANY WILL OPERATE IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE. THERE ARE MANY FACTORS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS. THE COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE IN THE COMPANY'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
Appendix Reporting of Metal Equivalents Gold equivalent conversion ratio GE=Me/k Where Me is the evaluated metal content (silver g/t, copper%, zinc %, lead %) Where k is the metal to gold equivalent conversion rate that is calculated considering the difference in metals value issuing the following formula: For silver: k= ((Au price/31.1035 - (Au price /31.1035 - Treatment charge Au)*(Royalty Au)/100 - (Treatment charge Au))*(Recovery Au)/((Ag price/31.1035 - (Ag price/31.1035 - Treatment charge Ag)*(Royalty Ag)/100 - (Treatment charge Ag))*(Recovery Ag)), for copper or zinc k = 100*((Au price/31.1035) - (Au price/31.1035 - Treatment charge Au)*(Royalty Au)/100 - (Treatment change Au))*(Recovery Au))/(((Me price) - (Me price - Treatment charge Me)*(Royalty Me)/100 - (Treatment charge Me))*Recovery Me)). where Royalty is the mineral extraction tax at applicable rate, recovery - the life-of-mine expected recovery of the respective metal in the processing technology applied. Metal equivalent conversion ratios:
1) This type of ore is currently not being processed, it is stockpiled and reflected only in Mineral Resources.
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| ISIN: | JE00B6T5S470 |
| Category Code: | MSCH |
| TIDM: | POLY |
| Sequence No.: | 7755 |
| EQS News ID: | 785455 |
| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.