Make Kitco Your Homepage

Polyus pays $128.2 million for 100% of the world's largest gold greenfield project

Kitco News

Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

(Kitco News) - Russia's largest gold producer, PJSC Polyus (LSE: PLZL), announced Wednesday it is buying out the holder of the Sukhoi Log deposit license, SL Gold Limited, for about $128.2 million. 

Polyus's interest in Sukhoi Log will increase from 78% to 100%.

Described by the company as being of the world's largest gold greenfield project, Sukhoi Log's gold resources currently stand at 962 mt of ore, grading 2.1 g/t gold for 63 million ounces of contained gold. The estimate is based upon a study by AMC from October 2018. 

The company is currently undertaking additional exploration works at the deposit. Sukhoi Log is located in the Bodaybo district of the Irkutsk region.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.