Polus Zoloto & Kinross in $1bn Yakutia gold-mining | Far East, Materials, extraction MarchmontNews.com

Far East | Materials, extraction

Polus Zoloto & Kinross in $1bn Yakutia gold-mining

27 Jan '09
Russia’s Polus Zoloto and Canada’s Kinross Gold have signed a protocol to set up a $1bn JV to start developing the Nezhdaninskoye gold deposit in Yakutia, RIA Novosti reported today.

Yevgeny Ivanov, the CEO of the Russian company, was quoted by the agency as saying that if the project developed as planned, a facility to be built would have the capacity of 12 tons of gold a year.

He also added that the Russian firm was expected to own 51% of the prospective JV and Kinross would have 49%.
Canada’s Kinross Gold Corporation is North America’s third largest gold-mining company.

Polus Zoloto is Russia’s largest gold producer. In 2007 its units produced 1.2 million ounces of gold. The largest stockholders are Onexim’s Mikhail Prokhorov and Interros’ Vladimir Potanin (30% each).