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Tuesday, 29th January 2008 (4200 views)

Polyus Gold's plans to produce more than 11 tonnes of the metal have been approved by the Russian firm's board of directors, it has emerged.

As part of total investments worth up to $208 million (£104 million) by 2011, the group intends to produce 4.8 million tonnes of gold at the Verninskoye gold deposit in 2010 and a further 6.4 tonnes a year later, reports Thomson Financial.

A pre-feasibility study for the Natlaka deposit worth $31.3 million will also reportedly be conducted by Polyus Gold.

Production at the mine predicts production at the mine to begin between 2012 and 2013 under a total project worth $2.5 billion, the news provider revealed.

Polyus Gold is reported to be expecting Natlaka to become Russia's largest gold mine with an annual production of more than 40 tonnes of gold.

The largest gold producer in Russia, Polyus Gold has five major mining sites in the country at Krasnoyarsk, Irkutsk, the Amur regions and the Republic of Sakha.

Some 37.8 tonnes of gold was produced in 2006 by Sophos, according to figures on the firm's website.

 

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