- Write by:
-
Friday, October 23, 2020 - 2:28:51 PM
-
596 Visit
-
Print
Mining News Pro - Russia’s top gold producer Polyus said on Thursday its giant Sukhoi Log gold deposit in Siberia was the world’s biggest by reserves both among greenfield assets and operating mines.
The deposit, said the company, holds 40 million ounces of proven gold reserves as measured by international JORC standards. This means Sukhoi Log (which translates to “dry gully” in English) contains a fifth of Russia’s entire gold reserves.
It also makes Polyus the world’s second-largest bullion miner by proven reserves.
At 540 million tonnes of ore with an average grade of 2.3 grams of gold per tonne, the asset is slightly bigger than Seabridge’s KSM project in Canada, which holds an estimated 38.8 million ounces of gold, and Donlin Gold in Alaska, with reserves estimated at 33.8 million ounces of gold.
“We are pleased with the results . . . The publication of the maiden ore reserve estimate represents a significant milestone for Polyus’ long-term development strategy, and confirms Sukhoi Log’s position as one of the world’s highest-calibre gold deposits,” Pavel Grachev, chief executive, said in the statement.
Sole owner
Polyus and its partner bought the rights to develop Sukhoi Log from the Russian state in 2017.
The gold producer will soon be the sole owner of the massive deposit. It agreed in September to pay $128.2 million to speed up the acquisition of its partner, Russian state defence group Rostec. The deal will give Polyus the 22% in the deposit that it does not already own.
The company also announced that its total gold output in the third quarter had climbed 2% from the same period last year to 771,000 ounces. Estimated gold sales also rose by 36% to $1.44 billion.
Production and development plans for Sukhoi Log, which lies almost 6,000km from Moscow in the far east of Siberia, are yet to be announced.
Polyus, which is already building a local airport to serve the remote site, has previously pegged development costs at about $2.5 billion.
A pre-feasibility study is expected to be published by the end of the year.
Short Link:
https://www.miningnews.ir/En/News/606505
A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore will pay more than 11.4 ...
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a ...
i-80 Gold fell by over 11% at market open Tuesday following its announcement of a C$100 million ($74m) public offering ...
Australia’s Westgold Resources said on Monday it had agreed to acquire Toronto-listed Karora Resources in a ...
No comments have been posted yet ...