Brief: Russia's Polyus says Sukhoi Log is a unique asset
26/01/2017 12:01
Jan 26 (Reuters) - Russia's largest gold producer Polyus
PLZL.MM said on Thursday, after its joint venture with Rostec
won a state auction to develop the Sukhoi Log gold deposit:
* It believes the Sukhoi Log deposit is a unique asset,
which perfectly fits Polyus portfolio of large-scale open-pit
operations;
* Polyus expects to acquire a 23.9 percent stake in the
joint venture from Rostec after obtaining the license for $141
million, paid in instalments over the next five years;
* Taking into account the fact that the Sukhoi Log and
Verninskoye deposits' ores have similar mineral and chemical
composition, Polyus will evaluate the applicability of the
processing solutions implemented at Verninskoye to the Sukhoi
Log deposit;
* Polyus expects a formal announcement of the auction
results to be released by officials by the end of February, it
may then take up to three months or potentially longer for
Russia to issue the license for Sukhoi Log to the joint venture.
Further company coverage: PLZL.MM
(Reporting by Moscow Newsroom)
((Polina.Devitt@thomsonreuters.com;))