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Polyus Gold becomes world’s No.4 for gold reserves

Polyus Gold, Russia’s leading gold producer, said Tuesday it has become the world’s fourth largest, with 2,100 metric tons of proven and probable gold reserves.

Earlier the company, Polyus Gold, which accounts for 25% of Russia’s gold output, was the world’s sixth largest for gold reserves. The revision followed completion of an international audit of reserves at the Natalka gold field in the Magadan Region, in Russia’s Far East. „The figure (2,100 tons) exceeds the reserves target ... which the company set for its 2015 strategic development plan, and launches Polyus Gold into the Top 5 Global Gold Companies in terms of P&P reserves,” the company said in a press release.

The audit was performed by MICON International Ltd., and a relevant report was approved at a Polyus Gold board session Monday. According to the auditors’ report, Natalka P&P reserves comprise 1,270.6 tons of gold. „The auditors’ reports also indicate considerable additional reserve potential as more geological data becomes available,” Polyus Gold said.

There are plans to build Russia’s largest mining company with an annual capacity of some 40 million metric tons of ore and over 30 metric tons of gold output at the Natalka field, the country’s largest and the world’s third-largest gold deposit. Two businessmen, Mikhail Prokhorov and Vladimir Potanin, are currently dividing the Interros managing company and each holds a 22% stake in Polyus Gold, whose market capitalization is currently around $7.7 billion. (