POLYMETAL INTERNATIONAL PLC VARVARA
3 months ended Sep 30, 9 months ended Sep 30,
% change % change
2021 2020 2021 2020
MINING
Waste mined, Mt 11.2 10.1 +11% 30.7 30.3 +1%
Ore mined, Kt 908 725 +25% 2,815 2,209 +27%
PROCESSING
Leaching
Ore processed, Kt 830 773 +7% 2,387 2,303 +4%
Gold grade, g/t 1.6 1.4 +14% 1.6 1.4 +13%
Gold recovery1 89.9% 88.1% +2% 88.8% 88.1% +1%
Gold production (in dore), Koz 38 32 +19% 122 99 +24%
Flotation
Ore processed, Kt 133 176 -24% 508 523 -3%
Gold grade, g/t 2.9 3.2 -9% 2.8 3.0 -7%
Recovery1 88.4% 88.7% -0% 85.4% 87.4% -2%
Gold in concentrate, Koz 9 14 -35% 35 32 +10%
Total ore processed, Kt 963 949 +1% 2,896 2,825 +2%
TOTAL PRODUCTION
Gold, Koz 47 46 +2% 157 130 +21% Note: (1) Technological recovery, includes gold and copper within work-in-progress inventory. Does not include toll-treated ore.
In Q3, flotation circuit at Varvara was undergoing maintenance and ore tonnage was redirected to the leaching circuit. On a like for like basis, leaching circuit production increased due to higher grade in the Komar ore and improvements to the flow sheet (increased residence time and cyanide consumption rate). As a result, total quarterly production at Varvara was up by 2% y-o-y to 47 Koz of gold.
OMOLON OPERATIONS
3 months ended Sep 30, 9 months ended Sep
% change 30, % change
2021 2020 2021 2020
MINING
Waste mined, Mt 1.7 0.7 +142% 3.3 2.8 +20%
Underground development, Km 3.0 3.1 -3% 8.6 10.0 -14%
Ore mined, Kt 297 607 -51% 482 2,171 -78%
Open-pit 208 497 -58% 242 1,828 -87%
Underground 89 110 -20% 240 344 -30%
PROCESSING
Kubaka Mill
Ore processed, Kt 222 214 +4% 651 648 +1%
Grade
Gold, g/t 6.7 7.1 -6% 6.7 6.9 -3%
Silver, g/t 88 28 +216% 59 22 +163%
Recovery1
Gold 95.8% 95.0% +1% 94.6% 93.8% +1%
Silver 84.0% 73.0% +15% 81.6% 73.8% +11%
Gold production, Koz 43 49 -13% 131 132 -1%
Silver production, Moz 0.6 0.1 +285% 1.0 0.3 +205%
Birkachan Heap Leach
Ore stacked, Kt 348 411 -15% 701 1,118 -37%
Gold grade, g/t 2.4 1.6 +51% 1.8 2.0 -9%
Gold production, Koz 13 15 -14% 17 18 -7%
TOTAL PRODUCTION
Gold, Koz 55 64 -13% 148 150 -1%
Silver, Moz 0.6 0.2 +237% 1.1 0.4 +187% Note: (1) Technological recovery, includes gold and silver within work-in-progress inventory.
At Omolon, gold output for the quarter contracted by 13% y-o-y while silver production more than doubled as sufficient volumes of high silver grade material became available and Merrill-Crowe circuit at the Kubaka mill was re-launched in Q2 after a shut-down in 2020.
Quarterly gold production at the Birkachan heap leach decreased due to accumulation of work-in-progress inventories. Stacking was lower with the crusher focused on re-handling of the higher-grade stockpiles.
Ore mining was down y-o-y as Olcha open pit and underground mines as well as Birkachan open pit were fully depleted. However, relative to the previous quarter the volumes jumped almost threefold as mining at the new open pit at Burgali gained momentum.
DUKAT OPERATIONS
3 months ended Sep 30, 9 months ended Sep
% change 30, % change
2021 2020 2021 2020
MINING
Waste mined, Mt 0.9 - NA 1.9 - NA
Underground development, km 10.9 10.6 +3% 33.7 32.8 +3%
Ore mined, Kt 631 614 +3% 1,913 1,698 +13%
Open-pit 92 - NA 316 - NA
Underground 538 614 -12% 1,598 1,698 -6%
PROCESSING
Omsukchan concentrator
Ore processed, Kt 516 493 +5% 1 537 1 502 +2%
Grade
Gold, g/t 0.4 0.5 -15% 0.5 0.5 -7%
Silver, g/t 219 258 -15% 243 273 -11%
Recovery1
Gold 83.9% 84.7% -1% 84.9% 84.8% +0%
Silver 84.0% 86.6% -3% 86.2% 86.6% -0%
Production
Gold, Koz 6 7 -13% 20 21 -5%
Silver, Moz 3.0 3.5 -15% 10.1 11.2 -10%
Lunnoye plant
Ore processed, Kt 121 116 +4% 358 348 +3%
Grade
Gold, g/t 1.8 1.3 +32% 1.6 1.4 +15%
Silver, g/t 239 265 -10% 236 271 -13%
Recovery1
Gold 90.0% 88.3% +2% 90.5% 90.3% +0%
Silver 94.4% 93.1% +1% 93.2% 92.4% +1%
Production
Gold, Koz 6 4 +40% 17 14 +19%
Silver, Moz 0.9 0.9 -4% 2.5 2.8 -9%
TOTAL PRODUCTION
Gold, Koz 12 11 +8% 37 35 +5%
Silver, Moz 3.8 4.4 -13% 12.6 13.9 -9% Notes: (1) Technological recovery, includes gold and silver within work-in-progress inventory.
Dukat silver production continued to be driven by the planned grade decline and decreased by 13% y-o-y in Q3 to 3.8 Moz. Gold production was up due to higher share of Lunnoye gold-rich ore and lower share of Arylakh ore in the Lunnoye plant's feed.
Open-pit mine at Dukat which targets the extraction of the crown pillar has ramped up to full capacity and is expected to drive an uptick in grades and production starting from Q4.
First ore from Primorskoye satellite underground was shipped to third-party smelters in October.
MAYSKOYE
3 months ended Sep 30, 9 months ended Sep
% change 30, % change
2021 2020 2021 2020
MINING
Waste mined, Mt 1.0 0.6 +53% 2.9 2.3 +26%
Underground development, km 5.0 4.9 +3% 14.8 15.9 -7%
Ore mined, Kt 195 289 -33% 582 855 -32%
Open-pit 33 91 -64% 84 278 -70%
Underground 161 197 -18% 498 578 -14%
PROCESSING
Ore processed, Kt 234 225 +4% 669 683 -2%
Gold grade, g/t 5.7 7.9 -28% 5.9 6.8 -14%
Gold recovery 71.6% 70.9% +1% 85.3% 81.1% +5%
Gold in concentrate, Koz2 26 29 -11% 102 104 -2%
Payable gold in concentrate shipped to offtakers, Koz 74 75 -0% 75 75 -0%
Amursk POX
Gold produced in dore from concentrate (POX), Koz 0 - NM 5 - NM
Gold produced in dore from carbon, Koz3 - 2 NM 5 3 NM
TOTAL PRODUCTION
Gold, Koz 75 77 -3% 85 78 +9% Notes: (1) To concentrate.
(2) For information only; not considered as gold produced and therefore not reflected in the table representing total production. Included in total production upon sale to off-taker or dore production at Amursk POX.
(3) Gold produced from carbon at Amursk POX.
In Q3, Mayskoye started processing oxidised ore from the open pit which was recommenced in Q1. The new material has lower grades and is highly carbonaceous, which resulted in a y-o-y decrease in gold in concentrate.
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