Mangazeya Mining Ltd. announces its production results for the fourth quarter and year ended December 31, 2020
TORONTO, ONTARIO, April 30, 2021 – Mangazeya Mining Ltd. (“Mangazeya” or the “Company”) (NEX: MGZ.H) is pleased to announce its production results for the fourth quarter and year ended December 31, 2020.
|Q4 2020||Q4 2019||Y-o-Y change||2020||2019||Y-o-Y change|
|Total rock moved, ‘000 m3||783||744||5.2%||3,204||2,878||11.3%|
|Stripping, ‘000 m3||674||555||21.5%||2,684||2,254||19.1%|
|Ore mined, kt||303||461||-34.3%||1,344||1,492||-10.0%|
|Stripping ratio, m3/t||2.23||1.21||84.9%||2.00||1.51||32.2%|
|Average grade in ore mined, g/t||2.18||1.93||13.0%||1.56||2.02||-22.9%|
|Gold in ore mined, kg||661||890||-25.8%||2 092||3,015||-30.6%|
|Ore processing, kt||326||221||47.8%||1,341||1 026||30.7%|
|Gold in ore processed, kg||651||488||33.4%||2 142||1 921||11.5%|
|Average grade in ore processed, g/t||1.99||2.21||-9.8%||1.60||1.87||-14.7%|
|Gold production, ounces||17.33||17.64||-1.7%||51.56||44.36||16.2%|
|Gold from hard-rock deposit||6.20||11.00||-43.6%||28.48||26.90||5.9%|
|Gold from placers||0.16||0.34||-52.5%||1.08||2.51||-57.0%|
|Refining gold, ounces||21.07||18.05||16.7%||50.73||44.36||14.3%|
|Gold from hard-rock deposit||7.69||11.03||-30.3%||28.39||26.90||5.5%|
|Gold from placers||0.31||0.73||-57.3%||1.07||2.51||-57.2%|
|Gold sold, ounces||20.99||19.13||9.7%||51.99||41.51||25.3%|
|Gold from hard-rock deposit||7.47||11.85||-36.9%||28.22||25.61||10.2%|
|Gold from placers||0.15||0.73||-79.4%||0.91||2.51||-63.7%|
- In 3Q of 2020 production and sales of gold started at Nasedkino deposit.
- The total stripping ratio for all deposits in 2020 has increased by 32% in comparison with the previous year up to 2.0 m3/t. In 4Q of 2020, the stripping ratio was 2.2 m3/t which is 85% higher than in the same period of previous year. The ratio increase is attributed to development of the remaining volume of oxide ore at Kochkovskoye deposit and the beginning of stripping and mining works at Nasedkino deposit.
- The volume of gold in ore mined in 2020 has reduced by 32% YoY to the amount of 2.1 t due to the lower gold grade in ore mined (1.6 g/t vs 2.0 g/t in 2020 and 2019 respectively) mainly at Kochkovskoye deposit. The gold in ore mined in 4Q 2020 was 661 kg which is 26% less that in the same quarter of the previous yeardue to reduction in mined ore by 34%.
- Gold production in 2020 amounted to 51.6k ounces, which represents a 16% increase YoY. In 4Q 2020 and 4Q 2019, respectively 17.3k and 17.6k ounces of gold were produced.
- Gold sales increased consequently by 25%, from 41.5k ounces in 2019 to 52.0k ounces in 2020. In 4Q 2020 and 4Q 2019 21.0k and 19.1k ounces of gold respectively were sold.
- In 2020 no mining or stripping works were performed due to deposit development finalization and production of gold from earlier mined ore.
- The volume of ore stacked in 2020 decreased by 87% YoY due to lack of mining activities.
- In 2020 the volume of production reduced by 66% YoY. In Q4 2020 the reduction was 94% YoY. The change was caused by the completion of the deposit development.
- The gold sold in 2020 decreased by 49% YoY. In Q4 2020 the gold sold decreased by 78% YoY. The decrease is in line with the production decrease.
- The volume of mining in 2020 was 596k tons, which is by 53% lower than in 2019. In 4Q 2020 the reduction was 99%, as the Company processed the available stock of oxide ore in October 2020. The gold in ore mined in 2020 and 4Q 2020 reduced by 65% and 99% due to lower volume of mining as well as lower grade of gold in ore mined, which has decreased by 26% due to mining of ore less rich in gold.
- In 2020, ore stacked was 923k tons, or by 57% more YoY. The volume of ore stacked increased due to the improved processing flow and the start of ore stacking in March 2020, while in 2019, ore stacking started in May, after completion of construction of crushing-and-screening unit. In 4Q 2020 and 4Q 2019 149k tons and 144k tons of ore were stacked, respectively.
- Gold produced in 2020 and 2019 amounted to 29.6 and 29.4k ounces respectively. In 4Q 2020 6.4k ounces of gold were produced, representing a decrease by 44% in comparison with the same period of the previous year due to reduction of gold grade in ore processed.
- Gold sales were 29.1k and 28.1k ounces in 2020 and 2019 respectively. The sales in 4Q 2020 were 7.6k ounces which is 39% less than in the same period of the previous year due to lower volume of production.
- Most of gold produced and sold is hard-rock gold.
- The volume of mining in the year 2020 and 4Q 2020 was 748k and 298k tons respectively.
- The average gold grade in ore mined is 1.6 g/t for the year 2020 and 2.2 g/t for the 4Q 2020.
- 359k and 178k tons of ore were processed in the year 2020 and 4Q 2020 respectively. The gold grade in processed ore is 2.0 and 2.4 g/t for the year 2020 and 4Q 2020 respectively.
- During the year 2020 and 4Q 2020 16.8k and 10.6k ounces of gold respectively were produced.
- During the year 2020 and 4Q 2020 16.0k and 12.0k ounces of gold respectively were sold.
About Mangazeya Mining Ltd.
Mangazeya Mining Ltd. is a NEX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation.
Mangazeya Mining Ltd.