Sukhoi Log, located in the Irkutsk region of Siberia, has 40 million ounces of proven reserves with an average gold content of 2.3 grams per ton, according to Bloomberg. The field, accounting for more than a quarter of Russia gold reserves, is bigger than Seabridge Gold Inc. KSM Project in Canada and Donlin Gold in Alaska.
- Sukhoi Log may allow Polyus to boost annual output by at least 70%
- Sukhoi Log production costs could reach $2.5 billion, with about 1.8 million ounces annual output.
- “The estimate of the reserves is an important milestone in the development of the field,” Pavel Grachev, CEO
- The company will announce details on expected production and investment at Sukhoi Log once a pre-feasibility study is ready by year-end.
- Earlier, Polyus had said it would focus on smaller projects and cut its debt ratio in the coming years before developing the Sukhoi Log.
Polyus stock is declining. PLZL is down 0.35%
