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Polyus pegs Sukhoi Log CapEx at US$2.5B, eyes 2026 launch

PJSC Polyus estimated Russia's largest untapped gold deposit, Sukhoi Log, to have an average annual output of 1.6 million ounces of gold at a cash cost of US$420/oz to US$470/oz.

In a June 7 project update, the gold miner said that following the completion of a scoping study, total project construction CapEx would amount to between US$2 billion and US$2.5 billion.

The investment decision and start of construction CapEx spending are planned for 2020 and 2021, while production will commence in or around 2026.

The company forecast an average waste-to-ore ratio of 2.2:1 and a mill throughput capacity of 30 million tonnes per annum. In addition, the mill is expected to have a recovery of 88% to 90%.

Sukhoi Log's inferred mineral resource stands at 58 million ounces of gold grading 2 g/t. A measured and indicated resources estimate is expected to be published at the end of the year.