Support The Moscow Times!

Polyus to Build $1Bln Plant

Polyus Gold said Tuesday that its board decided to begin building a $1 billion processing plant at its far-eastern Natalka deposit to be completed by the end of 2013.

Polyus plans to produce the first 18.2 metric tons (585,000 ounces) of gold at the field in 2014, according to a statement. The company previously forecast output of 675,000 ounces at Natalka for 2013, according to a presentation in April 2009.

By 2020 the facility will process 40 million tons of ore and produce 50 tons, or 1.6 million ounces, of gold.

Producers, including Polymetal and Severstal’s Nord Gold unit, are seeking to expand as gold prices rose 27 percent this year.

Polyus’ owner Mikhail Prokhorov plans to merge the company with a global rival as early as 2011 to become one of the world’s three biggest miners of the metal. 


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.