Polyus plans pilot production at Sukhoi Log gold deposit in 2024 - local authorities

IRKUTSK. Dec 26 (Interfax) - Polyus plans to launch pilot production at the giant Sukhoi Log gold deposit in the Irkutsk region in 2024, the region's government said in a press release following a meeting between its governor, Igor Kobzev, and Sergei Zhuravlev, the gold miner's government relations chief.

"The company is prepared to launch pilot production of the deposit in 2024. It plans to put the first stage of the gold recovery plant, capacity 10 million tonnes per annum of ore, in 2028, rising to 30 million tpa when the second phase of the plant is commissioned in 2030," according to the press release.

The governor's investment council discussed a "Sukhoi Log Mining and Gold Recovery Plant" project and will assign it regional investment project status effective January 1.

The authorities and the company intend to build a new bridge across the Vitim River, the design for which has been completed, and repair the Taksimo-Bodaibo-Kropotkin road to implement the project.

Polyus CEO Alexei Vostokov told Interfax earlier that the company intended to complete a bankable feasibility study for Sukhoi Log, its biggest development project, in 2023.

The bankable study as supposed to be ready in 2022 but Polyus put it back due to the geopolitical situation. A pre-feasibility study envisaged capex of $3.3 billion and producing 2.3 million ounces of gold from 33.2 million tonnes of ore per year with ramp up commencing in 2027.