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Russia’s Polyus gets extra 5% stake in Sukhoi Log gold deposit

Reuters | March 12, 2019 | 10:05 am Precious Metals Europe Gold 
Polyus to boost gold output as global production slips
Sukhoi Log exploration project. Image courtesy of Polyus

Russian gold and silver producer Polyus has received a further 5 percent stake in the giant Sukhoi Log gold deposit from its project partner Rostec in return for a 0.28 percent stake in Polyus shares, Polyus said late on Monday.

The deal raises Polyus’ stake in Sukhoi Log, one of the largest untapped gold deposits in the world, to 63.4 percent. Rostec’s stake falls to 36.6 percent.

Polyus in January raised by 9 percent the estimated amount of mineral resources in the deposit to 63 million troy ounces of gold.

(By Anton Kolodyazhnyy, Andrey Kuzmin and Tom Balmforth; Editing by Edmund Blair)

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