Russia's Polyus says cost of Sukhoi Log gold project nearly doubles to $6bn due to Western sanctions
MOSCOW - Russia's largest gold producer Polyus said on Tuesday that the cost of developing the giant Sukhoi Log gold deposit in Siberia had nearly doubled to $6-billion due to Western sanctions.
The company's new flagship project in eastern Siberia is expected to go into full operation in 2029, doubling Polyus' gold output.
Polyus, the world's fourth-largest gold producer, produced 2.902-million ounces of gold in 2023. It gave its production guidance for 2024 as 2.75-million to 2.85-million ounces.
It said the Sukhoi Log project will double the company's production by 2030, adding two more new deposits, to 6-million ounces.
The company said it revised the project's costs to $6-billion from $3.3-billion due to Western sanctions.
Polyus with a partner bought the rights to develop Sukhoi Log from the Russian state in 2017. Аfter a previous update in 2020, Polyus said the Sukhoi Log gold deposit is the world's biggest by reserves.
The United States and Britain imposed sanctions against Polyus in 2023 over Russia's actions in Ukraine.
Russia ranks second among global gold producers after China with a 9% share of global production. All major Russian gold miners are under Western sanctions.
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