- Polymetal International said it increased its ore reserves by 5% in 2017, as gold and copper reserves rose and sliver reserves fell.

Total ore reserves increased to 20.9m ounces of gold equivalent, following successful exploration at Albazino, Komar and Dukat, as well as initial reserve estimates at Kapan and Nezhda.

Gold reserves gained 5% to 18.4m ounces, silver reserves decreased 3% to 158m ounces and copper reserves grew 25% to 82,000 tonnes.

'In 2017, Polymetal succeeded in extending life-of-mine at producing assets and continued to invest in the next leg of our growth,' chief executive Vitaly Nesis said.

'We expect 2018 to result in further significant extensions of our reserves and resources.'

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