Technology A Russian company discovers the largest gold reserve in the world!

15:30  24 october  2020
15:30  24 october  2020 Source:   pressfrom.com

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Polyus PJSC, Russia ’s largest gold producer, said its untapped Sukhoi Log deposit in Siberia holds Audit shows Sukhoi Log holds 40 million ounces of reserves . Russian miner plans to start main Sukhoi Log, located in the isolated Irkutsk region of Siberia, was discovered by Soviet geologists in

(Bloomberg) -- Polyus PJSC, Russia ’s largest gold producer, said its untapped Sukhoi Log deposit in Siberia holds the world ’s biggest reserves .An audit That means the field -- accounting for more than a quarter of Russian gold reserves -- is bigger than Seabridge Gold Inc.’s KSM Project in Canada

Une société russe découvre la plus importante réserve d'or au monde ! © Alexey Dozmorov / Getty Images A Russian company discovers the world's largest gold reserve! Polyus Gold has announced that it has spotted a deposit of approximately 40 million ounces, or 1,134 tonnes, of gold at a Siberian mine.

This is a discovery that will pay off! Russia’s largest mining company has announced that it has discovered an untapped gold deposit. A real treasure for Polyus Gold since it is quite simply the largest reserve in the world, details Bloomberg . The deposit is located at the Siberian mine of Sukhoi Log and is estimated to represent around 40 million ounces, or 1,134 tonnes with an average gold grade of 2.3 grams per tonne. The deposit alone represents a quarter of Russia's gold reserves.

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A gold reserve was the gold held by a national central bank, intended mainly as a guarantee to redeem promises to pay depositors, note holders (e.g. paper money), or trading peers, during the eras of the gold standard, and also as a store of value, or to support the value of the national currency.

Russia ranks sixth in the world in gold reserves , and the Russian Central Bank said they total 1,614.27 tons, which is 15 percent more than last year. Konstantin Sakharovsky, who worked many years as director of innovations at a large Russian jewelry retail company , believes that a Trump

The Sukhoi Log mine is located in the remote region of Irkutsk in Siberia. It had been discovered by Soviet geologists in 1961. After having long sought to get rid of this deposit, the Russian government ended up selling it to the mining company Polyus. According to the company, production costs for this huge field could reach $ 2.5 billion.

Record for gold in August

"We are satisfied with the results. The publication of the first estimate of ore reserves represents an important step for Polyus' long-term development strategy and confirms Sukhoi Log's position as the one of the highest caliber gold deposits in the world, ”Pavel Grachev, Managing Director of Polyus, said in a statement.

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Japan, the world ’s third largest economy, is also the eighth largest hoarder of the yellow metal. The Russian Central Bank has been the largest buyer of gold for the past seven years and overtook China in 2018 to have the fifth largest reserves . With the largest official holdings in the world , the U.S

The fate of the Russian Empire’s gold reserves , the world ’s largest in the early 20th, still intrigues many people. For the best part of 100 years hopeful gold hunters have been trying to find the missing 200 million gold rubles (four billion USD in today’s money) - but does it actually exist?

>> To read also - A miner discovers one of the biggest diamonds in the world!

The reserves discovered this week could allow a total annual production of about 1.6 million tons, details the Financial Times . The deposit is also expected to prompt the Russian mining company to increase annual production by at least 70 percent.

The fact remains that the deposit is complicated to exploit and that the Russian company will have to develop important technologies to access it. But the efforts could pay off as the price of gold hit an record in August. According to Forbes , this discovery also represents a boon for the majority shareholder of Poluys. With this announcement, Suleiman Kerimov has indeed become the richest man in Russia.

DRC illegal mining the dangerous first link in gold supply chain .
Illegal small-scale gold miners in DR Congo, such as those who were killed when their makeshift mine collapsed last week, are the often-exploited first link in a supply chain that extends to Dubai, according to experts. The UN report said it "documented that some armed groups continued to finance their activities through illegal mining, thereby contaminating the supply chain".The bodies of 22 artisanal miners have been recovered as of Monday, a resident at the scene told AFP, after torrential rain flooded their mine in the eastern town of Kamituga three days before.

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This is interesting!