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. 

(Bloomberg)


… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

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 you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more