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Quick facts

Location North-eastern Kazakhstan
Mining Open pit followed by undergound
Processing Flotation + concentrate offtake
Ore reserves* 7.3 Moz GE, 7.7 g/t average grade
Mineral resources* 3.1 Moz GE, 6.8 g/t average grade
Production start date H2 2018
Life of mine 2039


The Kyzyl gold project is a world-class asset that bolsters an expansive and high-grade ore body. This is a new chapter in Polymetal's history, a major growth project that will drive our ever-expanding production and cash flows for years to come.

The Kyzyl gold project consists of the Bakyrchik and Bolshevik refractory gold deposits in Eastern Kazakhstan.

Polymetal completed the acquisition of the Kyzyl project back in September 2014 (for more information about the acquisition please follow the link). The acquisition increased our company's gold equivalent reserves by approximately 50%, with a single large high-grade Bakyrchik deposit containing gold reserves of 7.3 Moz at 7.7 g/t (JORC).

Our findings at the Bakyrchik gold deposit suggest we can sustain a life of mine for approximately 20 years in duration. We see the project as an excellent addition to our family of assets, with enormous potential for exploration projects and a long lifecycle for a sustained operations and a stable performance.

The project will initially be developed as an open pit, where the processing technologies can proceed via conventional flotation followed by refractory gold concentrate trading and/or pressure oxidation techniques. For our company, this is a key project and a chance to strengthen Polymetal’s position in the region.


The Kyzyl Project is located in north-eastern Kazakhstan within a traditional mining region with good infrastructure including easy access to power and rail. 

  • 750 km east of the capital city of Astana
  • 75 km west of the mining and metallurgical industry centre of Oskemen (formerly known as Ust-Kamenogorsk, population of approximately 300,000)
  • 120 km from the Kazakhstan-Russia border and 330 km from the Kazakhstan-China border, the site is adjacent to the village of Auezov (population of approximately 3,000)
  • 6 km to a railway station and railhead at Chalobai, a new railway line connecting Oskemen to Shar (in eastern Kazakhstan) and providing rail connections to Russia, China, and Europe.
  • 510 km to Kazakhstan-China railway crossing at Alashankou.
*GE = gold equivalent. Ore Reserves and Mineral Resources are in accordance with the JORC Code (2012). Mineral resources are calculated in addition to ore reserves

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