Polymetal starts building Salda Gold Co recovery plant, capex more than 45 bln rubles

MOSCOW. Aug 22 (Interfax) - JSC Polymetal has started building the Salda Gold Company recovery plant in the Sverdlovsk region.

Polymetal said the region's acting governor, Denis Pasler, launched construction on Friday.

The new enterprise will be the company's most productive and one of the region's biggest mining projects.

The recovery plant will process 3 million tonnes of ore each year and should start operating in 2029. Once the full ramp-up is complete, it will produce more than 4.5 tonnes of gold per year. Capex will be more than 45 billion rubles.

The plant will use carbon-in-pulp or CIP technology to produce Dore gold. A rail track capable of hauling more than 1 million tonnes of ore per year will be built and to deliver ore to the plant.

Salda Recovery Plant already sources feed in the Sverdlovsk region at the Pavlovskoye and Maminskoye fields while the Pershinskoye field is also set to go into production. Polymetal is planning geological exploration to expand the mineral base.

JSC Polymetal is Russia's largest silver producer and one of the leading gold miners. According to an assessment by Interfax, the company produced around 39 tonnes of precious metals totaling in gold equivalent in 2024.

The company's mines are located in the Magadan and Sverdlovsk regions, the Khabarovsk Territory, Yakutia and Chukotka. Mangazeya Group of Companies, owned by Sergei Yanchukov, currently owns Polymetal.