The Russian gold miner continues his ascent with his Sukhoi Log project, one of the largest undeveloped gold deposits in the world.
Polyus is the fastest-growing gold mining company in the top tranche, increasing production by 9.6% last year to 2.16 million ounces. The Moscow-based company, the world's seventh-largest publicly traded gold producer, said it plans to start production around 2026.
Polyus stated that the Sukhoi Log processing plant would process an average of 30 million tonnes of ore per year. He said he expected average annual production of about 1.6 million ounces with total cash costs of $420 to $470 per ounce.
This would place the Sukhoi Log mine second in terms of annual gold production, behind Muruntau in Uzbekistan. The potential life of the mine is 35 years...