Sukhoi Log is the world’s largest gold deposit among both greenfield and developed mines. (
Image courtesy of Polyus.)
Russia’s largest gold producer Polyus on Thursday said that its total proved and probable ore reserves had risen by 71% to 104 million ounces of gold at the end of 2020 due to inclusion of reserves at its giant Sukhoi Log deposit.
“Polyus is now confirmed to have the largest reserve base globally, with approximately 97% of these reserves attributable to our operating mines and our flagship greenfield project, Sukhoi Log,” Polyus CEO Pavel Grachev said in a statement.
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PJSC Polyus Ore Reserves and Mineral Resources Update PJSC Polyus (LSE, MOEX - PLZL) ( Polyus , the Company ) announces its Ore Reserves and Mineral Resources estimates as at 31 December 2020, in accordance with JORC Code 2012. The Company s total Proved and Probable Ore Reserves have increased 71% to 104 million ounces of gold, compared to 61 million ounces of gold as at 31 December 2019. The updated estimate primarily reflects the inclusion of Ore Reserves for Sukhoi Log as well as additions at several operating mines, derived from a comprehensive drilling program across the Company s asset portfolio launched in 2018. The Measured, Indicated and Inferred Mineral Resources are estimated at
PJSC Polyus Moody s upgrades PJSC Polyus ratings to Baa3 with a stable outlook PJSC Polyus (LSE, MOEX - PLZL) ( Polyus , or the Company ) notes that Moody s Investors Service ( Moody s ) has upgraded the Company s Rating to Baa3 /stable from Ba1 /stable. In assigning Polyus a Baa3 Rating, Moody s highlighted the Company s track record of deleveraging supported by strong cash flow generation on the back of its solid operating performance and pro-active debt management. The upgrade also reflects the Company s global cost leadership, stellar reserve base and its history of organic growth, with Sukhoi Log further contributing to strengthening of the Company s business profile. Among other rating drivers, Moody s underscored the Company s conservative financial policy amid various gold price scenarios and continuous efforts on ESG front.
ANIMATION: Top 20 gold producing countries
Frik Els | March 16, 2021 | 4:00 pm
World output of gold in 2019 showed the first decline in a decade, falling by 28 metric tonnes to 3,533 tonnes or 113.6 million troy ounces. The decline came after relentless growth in primary gold production – 730 tonnes or 23.5m ounces since 2010, according to London-based mining and metals consultants Metals Focus and the World Gold Council.
China is in danger of losing its no 1 ranking over the next few years – the country lost 20 tonnes of production while Russia added 34 tonnes or 1.1m ounces in a single year, shrinking the gap to 53.7 tonnes. A number of large new mines, like Sukhoi Log in the country’s east, are in development to take the country to the top spot.
With gold prices
hitting record highsover the past year, the question becomes whether the world can produce enough of the precious metal to keep pace with its rising demand.
To give a better picture of the size and potential of the world’s gold supply, MINING.com and sister company
MiningIntelligencecollaborated to provide a ranking of the largest undeveloped gold deposits around the globe that could one day become integral to the global gold supply chain.
While the ranking is based on the projects’ total measured and indicated resources, many companies include proven and probable reserves that can be economically extracted in resource estimates.