Polyus to buy out partner in Sukhoi Log project

Sukhoi Log exploration project. Image courtesy of Polyus

Russia’s largest gold producer Polyus will buy the remaining 22% stake in the giant Sukhoi Log gold deposit in Siberia that it does not already own from its project partner Rostec for $128 million, the firm said on Wednesday.

The companies bought the rights to develop Sukhoi Log, estimated to contain a fifth of Russia’s gold reserves, from the Russian state in 2017. The feasibility study and final investment decision for the project are expected in 2021.

Polyus previously estimated the cost of the project at $2-2.5 billion.

(By Polina Devitt; Editing by Jan Harvey)

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