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.
(Bloomberg)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
