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Putting Natalka GOK into operation in 2015 is not planned - Polyus Gold

Polyus Gold, the largest gold producer in Russia, will not commission the Natalka GOK (Magadan Region) in 2015, as planned earlier, the company said. According to preliminary data, it is expected that the estimation of the deposit resources by 15-20% is expected, the decrease in the estimate of reserves will be 55-65%, the company said.

Revaluation of reserves will be completed in January 2015. “The company intends to review the further course of the project development. It is no longer planned to commission the Natalka GOK in 2015, ”says Polyus Gold.

Upon completion of the revaluation of the reserves of the field, non-cash write-offs of the book value of the asset are expected, the company said. The amount of write-offs remains to be determined.

The launch of the Natalka deposit was postponed twice already. Originally it was planned that the field would be launched in the summer of 2013, but frosts prevented this. On the postponement of the launch of Natalka, the company reported the second time in December 2013. At the same time, a comprehensive revision of the project was initiated, including an analysis of technical opportunities to increase the economic attractiveness and reduce operational risks of the project. Also, a reassessment of the block model of Natalka deposit resources was initiated with the aim of taking into account all newly received geological information.

In August, it became known that Polyus' capital investments in the first half of the year 2014 decreased by 2,4 times to $ 287 million due to the postponement of the development of the Natalka gold deposit for the summer of 2015. Investments in the field for the six months of this year decreased three-fold to $ 172 million compared to the same period 2013

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