Polyus to buy out partner in Sukhoi Log
Russia’s largest gold producer, Polyus, on Wednesday announced that it would exercise its right to accelerate the buyout of RT Business Development’s participation interest in SL Gold – the holder of the Sukhoi Log deposit and licence.
The company would consolidate its participation interest from 78% to 100% for a total consideration of $128.2-million, the London-listed producer said.
Sukhoi Log, in the Irkutsk region of eastern Siberia, is one of the largest untapped gold deposits in the world. Polyus previously said that a mine at Sukhoi Log would cost between $2-billion and $2.5-billion.
The Russian State Commission on Mineral Reserves has estimated Sukhoi Log’s gold reserves at 930.3-million tonnes of ore, grading 2.1 g/t of gold for 62.8-million troy ounces of contained gold.
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