Russia’s Polymetal prepares for development of large-scale gold field in Siberia

Veduga field. Photo: Kapital Strany

Polymetal, one of Russia’s largest gold miners, begins the development of Veduga – one of the country’s largest gold fields, located in the Krasnoyarsk Territory. The reserves of the field are estimated at more than 100 tonnes of gold. It is located close to Olympiada, the main gold field in this area.

An agreement about the development of the field was signed between the company and the Krasnoyarsk regional government during the recent Krasnoyarsk Economic Forum.

The agreement also involves building a mining and processing complex close to the field. The volume of investments in the project is estimated at US$450 million.

Polymetal plans to reach design capacity of 8-9 tonnes of gold already in the short term.

At present Polymetal JSC remains the second largest gold producer in Russia.

The Veduga gold deposit is located 160 km south of Severo-Yeniseisk. It consists of 4 licensed areas with an area of 18 sq. km. In 2019, the reserves of the deposit were increased to 100.6 tons of gold with an average grade of 5.3 g/t. Polymetal's share in the project is 59.4%. The launch of the processing plant is scheduled for the first half of 2025.

By: Eugen Gerden