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

MNB

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. (en.rian.ru)

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.