https://www.miningweekly.com

Polyus puts $3.3bn price tag on ‘unparalleled’ Sukhoi Log

12th November 2020

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

A mine at Sukhoi Log – the world’s largest untapped gold deposit – would require a capital investment of $3.3-billion, London-listed Polyus said on Thursday, announcing the prefeasibility study (PFS) results for the Russian project.

The 2020 PFS study targets processing capacity of 33.2-million tons a year, compared with 30-million tons a year in the 2018 scoping study, with a recovery rate of 92%. The yearly production forecast increased from 1.6-million ounces a year to 2.3-million ounces a year at a total cash cost of $390/oz.

The scoping study scenario had a price tag of $2.3-billion.

“Sukhoi Log is a greenfield project of unparalleled quality and scale,” said Polyus CEO Pavel Grachev, adding that the mining company would develop the deposit in a disciplined and efficient way.

The PFS was completed by an in-house team, in partnership with international consultants. Polyus is now progressing to the feasibility study stage, during which time a more precise technical and financial analysis of the project will be done.

The company plans to release the feasibility study results in the second half of 2022, followed by the final investment decision, and assume hot commissioning and the first gold being poured in 2027.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 
SafeQuip
SafeQuip

SafeQuip is a leading distributor and manufacturer of fire safety solutions, offering a comprehensive range of products designed to meet all...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.046 0.895s - 111pq - 2rq
Subscribe Now