Polyus sells alluvial mining operations

MOSCOW. April 16 (Interfax) - Polyus has completed the sale of its entire interest in JSC Gold Mining Company Lenzoloto, which consolidates the group's alluvial assets, Russia's largest gold producer said.

Polyus has not disclosed the buyer, though the company has said that it is a group of investors from Russia.

Polyus retains the Lenzoloto holding company which will remain listed on the Moscow Exchange , the company said.

GMC Lenzoloto develops a number alluvial gold deposits in the Irkutsk Region. Its refined gold output reached 103,000 ounces in 2023 with total cash cost of $1,168/oz, way above the average of $389/oz for the group.

"This transaction marks another step in the implementation of our production strategy and empowers us to channel our resources towards our largest projects in open pit mining. This holds particular relevance assuming the planned commencement of Sukhoi Log development," said Alexei Vostokov, CEO of Polyus.

Polyus is Russia's biggest gold miner. It develops hard rock and alluvial gold deposits in the Krasnoyarsk Territory, Irkutsk and Magadan Regions, and Yakutia.