Voro

On track with new flotation circuit

In the light of recent developments, and in the interests of preserving shareholder value, the Board and the Special Committee have decided to consider all possible options available for divestment of JSC Polymetal and its subsidiaries.

More details

Key facts

Location Sverdlovsk Region, Russia
Ownership 100%
Operating mines Voro, Saum
Key exploration projects Andrey, Aramashevsky, Maslovsky
Mining open-pit
Processing 1.05 Ktpa CIP circuit
Ore reserves (JORC) 1.0 Moz GE at 2.5 g/t
Mineral resources (JORC) 1.0 Moz GE at 2.6 g/t
Production start date 2000 (HL), 2005 (CIP)
Life of mine 2043 (CIP)
Employees 952
Key 2022 numbers
93 Koz Production (GE)
1.0 Mt Ore processed at CIP
US$918 GE/oz Total cash costs
Location History Geology and Mineralisation Operations Reserves and Resources

Voro is located in Russia’s Sverdlovsk region, approximately 370 km north of the regional centre of Ekaterinburg (population of 1.5 million) and 25 km south of the city of Krasnoturinsk (population of 65,000). Voro is easily accessible from Ekaterinburg via the federal highway that runs 7 km from the site. The industrialised and moderately populated area around the deposit is home to several mining companies, ensuring good access to the grid and other infrastructure. In addition, there is good railway access with a Group-owned spur located 18 km from the site.

Location

The deposit was first discovered in 1985. In 1998, the Group acquired the company that held the mining licence for Voro. In 1999 mining resumed and heap leaching circuit for oxidised ore was launched in 2000. In 2005, the CIP plant was commissioned with a capacity of 450 ktpa. The plant was expanded to 600 ktpa in 2007 by replacing three-stage crushing with one-stage crushing and SAG milling. The plant was further expanded to 940 ktpa in 2008 by removing bottlenecks from thickening, leaching and filtration sections. In 2010, mining started on the new southern pit to extract ore from an extension of the main deposit.

The Voro deposit is a fracture zone where the ore body generally lies in the footwall of the fault.The main mineralised zones occur within brecciated limestone and are erratic in shape, not visually identifiable and require dense grade control drilling for final delineation prior to mining. A highly variable weathering pattern is developed across the deposit, with a broad oxidation surface developed to a depth of 65 m, but zones as deep as 100 m are developed where karstic features have formed in the limestone. An extension to the main Voro deposit of mainly oxide material has been outlined in the south.

Oxidised gold at Voro occurs mostly in free form. In primary ore, gold occurs in a variety of forms. These include free, inter grown with host minerals, associated with pyrite and attached to silicates. The highly variable mineralogy of primary ore requires careful selection of processing regimes.

Flowcharts

Ore Reserves Tonnage, Mt Gold grade, g/t Silver grade, g/t Copper grade, % GE grade, g/t Gold, Koz Silver, Moz Copper, Kt GE, Koz
Voro 5.9 1.5 3 - 1.6 288 0.6 - 292
Maminskoye 10.3 2.5 - - 2.5 815 - - 815
Saum 0.7 2.0 46 2.6 2.4 42 0.1 16.9 50
Pesherny 2.6 4.7 - - 4.7 385 - - 385
Galka 0.7 2.8 89 1.91 3.4 60 1,938 12.94 74
Tamunier 0.5 3.9 8 - 3.9 65 138 - 67
Total 20.6 - - - 2.5 1,055 3.7 29.9 1,067
Mineral Resources Tonnage, Mt Gold grade, g/t Silver grade, g/t Copper grade, % GE grade, g/t Gold, Koz Silver, Moz Copper, Kt GE, Koz
Voro 0.5 0.7 2 - 0.7 11 31 - 12
Maminskoye 3.2 2.4 - - 2.4 249 - - 249
Saum 0.1 1.7 46 1.48 2.0 5 130 1.3 6
Pesherny 0.3 4.7 - - 4.7 39 - - 39
Galka 0.2 2.5 81 2.08 3.3 14 0.5 1.25 18
Tamunier 0.1 3.0 12.16 - 3.1 7 0.0 - 7
Pavlov 6.9 2.6 1.04 - 2.6 568 0.2 - 571
Andrei 1.8 2.9 4.45 - 2.9 162 0.3 - 165
Total 13.0 - - - 2.6 1,6 1.1 2.6 1.067

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2019