Moscow company's update on Sukhoi Log project envisages annual production of 1.6 million ounces for 35 years at less than $500 per ounce.
Polyus Mining News
Polyus gold, Russia's largest producer of the metal, reported first-quarter net profit down 51 percent at $244 million, hit by reduced foreign exchange gains and other non-cash items.
Polyus, Russia's largest gold producer, said 2018 production was likely to be at the upper end of its forecast range of 2.375-2.425 million troy ounces.
Rough year shuffles ranks of global gold mining giants as Freeport makes a comeback – 2018 forecasts point to another tumultuous year.
Polyus starts 180,000m drilling campaign to update mineral reserve as early as July for 58 million ounce Sukhoi Log deposit explored since 1960s.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 7 percent to $475m while total revenue grew 5 percent to $744m.
Heavy losses across the board – Barrick down 4.6% in massive volumes and second tier Canadian miners hardest hit.