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Reserves of 3700 tons are worth $167 billion 700 million in China to take the largest unexploited gold mine in the world
Nov 30, 2017

Recently, with the impetus of Chinese capital, China and Russia will jointly exploit the Siberia gold mine, which is reported to be as high as 130 million ounces. And this year, the Russian central bank has been hoarding gold, and whether these moves are brewing a change in the global gold supply pattern.


Siberia big gold mine


PJSC Polyus, the largest Russian gold miner, has announced that it will launch a 180 thousand meter drilling activity in its Sukhoi Lolo (Sukhoi Log) gold mine.


The Sukhoi Log gold mine in Siberia is one of the largest undeveloped gold deposits in the world. The gold ore contains about 58 million ounces of gold 2.0g/t, but the Russians claim to have 130 million ounces (167 billion 700 million yuan worth).


It is reported that the Sukhoi Log gold mine production is about 160-170 ounces a year, and the cost of mining is up to 20-25 billion US dollars.


The Russian government last year bid to sell the largest gold mine in the country, but in order to prevent gold mining from falling into foreign hands, the Russian government expressly stated that: in addition to the local businesses, foreign enterprises were prohibited from bidding.


However, Russian enterprises still choose to cooperate with Chinese companies, and this year, Polyus PJSC sold 10% of the shares to China's Fosun international, and nearly 900 million dollars in capital injection.

  


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