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Russia's Polyus to join ranks of top three gold producers by 2025-2026 — CEO

May 24, 17:51 UTC+3

The largest Russian gold miner Polus expects to join ranks of top three gold producers in the world in eight years

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ST. PETERSBURG, May 24. /TASS/. Polyus expects to join ranks of top three gold producers in the world in eight years, Chief Executive Officer of the largest Russian gold miner Pavel Grachev told TASS on Thursday on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"The launch of the Sukhoi Log [field] scheduled to 2025 will be the next phase [after the Natalkinskoe field start - TASS]. This will add 1.6-1.8 mln oz. of annual production. Accordingly, the production level of 4.5 mln oz. subject to the natural production decline across other major producers will make it possible for the company to be among the top three leaders," Grachev said. Reaching gold production of 2.8 mln oz. in 2019 will help Polyus to climb from the eighth to the fifth place among global producers.

Polyus is not considering new projects now, the top manager said. "We endeavor to objectively consider our capabilities and deliver plans set by ourselves in respect of already existing projects," Grachev added.

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