- Polymetal International said its annual ore reserves had increased 15% amid the further development of its assets in Russia.

Ore reserves at 1 January stood at 24.0m ounces of gold equivalent, the company said.

Mineral Resources, in addition to ore reserves grew 44% to 26.3m ounces of gold equivalent.

'In 2018, Polymetal significantly expanded its mineral inventory on the back of a twofold increase in ore reserves at Nezhda, a five-year life-of-mine extension at Mayskoye and confirmation of a world-class resource at Prognoz,' chief executive Vitaly Nesis said.

'In 2019 we will continue to focus on extending the life-of-mine at producing assets.'

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