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Polyus Gold all set to develop Siberia goldmine
Commodity Online
MOSCOW: Polyus Gold, Russia’s largest gold producer on Wednesday announced its intentions to develop a gold field in Siberia’s Far East Irkutsk Region.
Company’s board of directors approved a project to develop the Verninskoye gold deposit, expected to produce 4.8 million metric tons of gold in 2010 and 6.4 million metric tons annually from 2011.
Investment in the deposit was estimated at 5.4 billion rubles from 1995 to 2011, Polyus Gold said.
Company’s gold production in 2006 was 1.2 million troy ounces. Net profit calculated to International Financial Reporting Standards was $1.16 billion in 2006, or [B]930%[/B] more than in 2005, with earnings at $735 million, representing 55% year-on-year growth.
Commodity Online
MOSCOW: Polyus Gold, Russia’s largest gold producer on Wednesday announced its intentions to develop a gold field in Siberia’s Far East Irkutsk Region.
Company’s board of directors approved a project to develop the Verninskoye gold deposit, expected to produce 4.8 million metric tons of gold in 2010 and 6.4 million metric tons annually from 2011.
Investment in the deposit was estimated at 5.4 billion rubles from 1995 to 2011, Polyus Gold said.
Company’s gold production in 2006 was 1.2 million troy ounces. Net profit calculated to International Financial Reporting Standards was $1.16 billion in 2006, or [B]930%[/B] more than in 2005, with earnings at $735 million, representing 55% year-on-year growth.