Russian gold giant Polyus ups production capacity at Verninskoye
Tue May 25 2021
Russian mining company Polyus (LSE, MOEX : PLZL), the world’s fourth-largest gold mining company by production volumes and the largest gold miner by reserves, announced today that it has successfully completed the expansion of the Verninskoye mill’s throughput capacity.
The company said that the project, which was launched in the fourth quarter of 2019, has been completed ahead of its initial schedule (the second half of 2021). The mill has now achieved its target hourly throughput rate of 450 t/h and is currently running at an annualized capacity of 3.5 million tonnes.
This upgrade is expected to provide additional 40 thousand ounces of incremental gold volumes at Verninskoye. Capital expenditures for the project amounted to ca. $60 million, in line with the initial budget.
Polyus has completed a number of initiatives to upgrade the crushing and grinding circuit and to improving recoveries at Verninskoye, including the installation of an additional reactivation kiln in the main building extension, as well as installation of an additional centrifugal concentrator in the main building. This resulted in the recovery rate at Verninskoye reaching ca. 90% in February 2021.
Polyus is one of the largest gold mining companies worldwide by production and the largest gold miner in terms of attributable gold ore reserves. The company demonstrates the lowest production costs among major global gold producers. Its principal operations are located in Siberia and the Russian Far East: Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).