Apr 30, 2021

Polyus becomes world’s largest gold miner by reserves

Gold
Polyus
SukhoiLog
reserves
1 min
Russia’s largest gold producer Polyus reveals its total proved and probable ore reserves have risen by 71% to 104 million ounces of gold

Russia’s largest gold producer Polyus orevealed that its total proved and probable ore reserves had risen by 71% to 104 million ounces of gold at the end of 2020 due to inclusion of reserves at its giant Sukhoi Log deposit.

Gold

Image removed.“Polyus is now confirmed to have the largest reserve base globally, with approximately 97% of these reserves attributable to our operating mines and our flagship greenfield project, Sukhoi Log,” Polyus CEO Pavel Grachev said in a statement.

Polyus was previously the world’s third-largest gold miner by reserves behind Newmont and Barrick, reports Reuters.

The Russian gold producer plans to take a final investment decision on the Sukhoi Log project in Siberia in 2022.

Sukhoi Log Project

The company’s measured, indicated and inferred mineral resources were estimated at 204 million ounces of gold at the end of December, compared with 188 million ounces at Dec. 31, 2019, it added.

Sukhoi Log

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Jun 29, 2021

Vale invests $150mn to extend life of Manitoba operations

Vale
Nickel
Manitoba
battery metals
2 min
Vale’s $150mn investment in operations at Thompson, Manitoba will extend mine life by 10 years

Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.

Global energy transition is boosting the market for nickel

The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.

“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.

“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”

Vale continues drilling program at Manitoba

Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.

“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.

“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”

The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history.  Mining of the Thompson orebody began in 1961.

“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.

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