Russia’s largest gold producer Polyus commissions major Natalka gold mine

Russia’s largest gold producer Polyus (LSE:PLZL) has announced the commissioning of its Natalka gold mine in far East Russia.

Launched by Vladimir Putin at the Eastern Economic Forum in Vladivostock, Natalka will enter full production before the end of 2018 and is expected to increase Polyus’ gold output by a third.

The mine has the largest processing plant in Russia with a capacity of 10mtpa and is anticipated to reach annual production of 420,000-470,000 ounces for the entire mine life.

“The project will also foster economic growth in the region through the creation of 2,000 jobs at the mine and the processing plant,” said Polyus CEO Pavel Grachev.

“We are delighted to announce the long-anticipated launch of Natalka, Polyus’ main greenfield project and the largest gold mine in the Russian Far East.”

According to Polyus, Natalka has ore reserves of 16 million ounces and mineral resources of 34 million ounces based on JORC code classification and it is 15th largest gold asset globally by reserves.

All the major processing equipment at Natalka is currently in operation after a successful trial period while construction of auxiliary and support infrastructure is underway.