Polyus gets $1 billion investment boost for Natalka gold mine

Russia's top gold producer Polyus has received a $1 billion "mystery" investment for development of its Natalka mine, the world's third largest undeveloped gold deposit located near Magadan in the remote northeast corner of the country.

Dmitry Shelekhov, Russia's Deputy Minister for the Development of the Far East was unwilling to disclose the source of the investment.

The governor of Magadan Oblast, Vladimir Petchney, claims that precious metals mining provides a "lifeline for the local economy."

Polyus is on track to produce roughly 1.3 million ounces of bullion in 2014 and has set a target to double its gold production by 2018.

 

 

Sources: RT; Polyus