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Targeted mainly for underground mining (80% of reserves), East Bakyrchik increases Polymetal's total Kyzyl mining inventory by 25% to 10.3Moz and takes the projected operating life out to 2050.
The company started mining Bakyrchik as an openpit in 2018 and expects to continue surface extraction to 2036 before the operational focus shifts underground.
Polymetal also confirmed its five-year production outlook, with annual output set to reach 1.75Moz in 2025.
The company adjusted 2020 forecast capex up 15% to US$540 million, which investment bank Jefferies said would weigh on near-term free cash flows.
The revised capex includes US$15 million of additional spending on Veduga, $20 million on COVID-related measures, $30 million on fleet renewal, and $25 million on accelerated pre-stripping.
