Polyus selling Marokskoye exploration project in Krasnoyarsk Territory to UGC Gold Mining Company

MOSCOW. April 16 (Interfax) - Polyus is selling the Marokskoye company, which holds exploration licenses for the Marokskoye ore field in the Krasnoyarsk Territory, to UGC Gold Mining Company (UGC) , Yuzhuralzoloto, the company said.

Polyus said that the project is at an early stage of exploration.

Polyus bought 74.99% in gold projects at the Marokskoye ore field and the Petropavlovskaya area from RosGeo state geological exploration holding for 200 million rubles in 2021. The projects were consolidated in 2022, though the transaction has not been disclosed.

Polyus is Russia's largest goldminer. The company develops hard rock and alluvial gold deposits in the Krasnoyarsk Territory, in the Irkutsk and Magadan regions, and in the Sakha Republic (Yakutia).

UGC Gold Mining Company (UGC) , Yuzhuralzoloto, is of Russia's largest goldmining companies that operates within two hubs at Ural, Chelyabinsk Region, and Siberian, Krasnoyarsk Region, Khakassia. Konstantin Strukov is the company's controlling shareholder with a stake of around 68%.