Russia issues license for largest gold field Sukhoi Log
Staff Writer | February 17, 2017
Prime Minister Dmitry Medvedev has signed a decree confirming the victory of a joint venture between miner Polyus and state conglomerate Rostec in an auction for Russia’s biggest gold deposit Sukhoi Log with a 9.4 million ruble bid.Article continues below
The deposit located in the Irkutsk Region accounts for 28% of all Russia’s gold resources. It has 1,656 tonnes of inferred gold resources under a B+C1+C2 category, 1,533 tonnes of silver and 522 tonnes of off-balance gold reserves.
The Natural Resources and Environment Ministry said the deposit requires 90-100 billion rubles of capital investments to produce 80-90 tonnes of gold and 20-25 tonnes of silver per year.
The joint venture is called SL Zoloto, and has a 51-49% shareholding between Polyus and Rostec.
In January, Polyus said it plans to acquire an additional 23.9% stake in SL Zoloto from Rostec for around U.S. $141 million, after the license has been obtained. ■ What to read next
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