Polyus plans to submit a feasibility study for the revised Sukhoi Log design on the 23rd

MOSCOW, March 16 (Reuters) – Russia’s largest gold mining company, Polyus, is reviewing the development project for the giant Sukhoi Log gold deposit and will present an updated feasibility study later this year, said Viktor Drozdov, director of business communications and investor relations at broadcast by the investment company BCS.

Polyus submitted an initial feasibility study for the Sukhoi Log project in 2020 with an estimated investment of $3.3 billion and start production in 2027, pending feasibility study completion in 2022.

But against the backdrop of Western sanctions against Russia in mid-2022, the company realized that “the project needs to be completely revised to look for alternative suppliers,” Drozdov said.

According to him, over the past year, Polyus has revised its approach to the project, received a number of options on how, in what form and when to start production at Sukhoi Log, and in 2023 it is ready to submit a feasibility study for an updated project.

He added that the average annual production from the gold mine, which the company previously claimed to be the largest in the world in terms of reserves, is still estimated at around 2.3 million ounces of gold. (Anastasia Lyrchikova. Editor Dmitry Antonov)