Polymetal enterprises in the Republic of Kazakhstan produced 486 thousand ounces of gold equivalent

In 2023, Polymetal’s assets in the Republic of Kazakhstan – Kyzyl and Varvarinskoye – brought in 486 thousand ounces in gold equivalent. The production of precious metals decreased by 10% compared to the year before, follows from the report of the gold mining company.

Polymetal’s total production was 1.7 million ounces. The company achieved almost the same result in 2022.

At the Bakyrchik deposit (Kyzyl project) in 2023, gold ore production increased by 9% – to 2.43 thousand tons. However, due to the fact that the subsoil user is now extracting ores with a lower precious metal content, gold production has decreased decline In total, the asset produced 316 thousand ounces (−4% for the year).

At the deposits of the Varvarinsky hub – Varvarinsky and Komarovsky – production fell from 3.86 thousand to 2.83 thousand tons. Ore processing remained almost at the level of last year. The total volume of precious metal issued decreased, according to plan, to 169 thousand ounces (−20% year-on-year).

The Amur MMC increased its capacity to 66 thousand tons. In 2022, the enterprise processed 37% less ore.

The gold miner’s revenue exceeded $3 billion. In annual terms, the figure increased by 8%, but only due to Polymetal’s assets in the Russian Federation. The Kyzyl and Varvarinskoye projects, in turn, brought the manufacturer $893 million – 4% less when compared to the year before.

In 2024, Polymetal will make a final decision on the development of the Irtysh MMC. A site has already been allocated for the plant in the SEZ near Pavlodar. The company expects that this year the production of precious metals at Kazakh assets will remain at the 2023 level.

Source and Credit: dprom.kz

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