Polyus becomes world’s largest gold miner by reserves

Sukhoi Log is the world’s largest gold deposit among both greenfield and developed mines. (Image courtesy of Polyus.)

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Russia’s largest gold producer Polyus on Thursday said that its total proved and probable ore reserves had risen by 71% to 104 million ounces of gold at the end of 2020 due to inclusion of reserves at its giant Sukhoi Log deposit.

“Polyus is now confirmed to have the largest reserve base globally, with approximately 97% of these reserves attributable to our operating mines and our flagship greenfield project, Sukhoi Log,” Polyus CEO Pavel Grachev said in a statement.

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Polyus was previously the world’s third-largest gold miner by reserves behind Newmont and Barrick.

The Russian gold producer plans to take a final investment decision on the Sukhoi Log project in Siberia in 2022.

The company’s measured, indicated and inferred mineral resources were estimated at 204 million ounces of gold at the end of December, compared with 188 million ounces at Dec. 31, 2019, it added.

(By Polina Devitt; Editing by David Goodman)