Russian silver miner polyus states its undeveloped siberian deposit sukhoi log is the biggest in the world, with 40m ounces of proven reserves.

The deposit, which is the reason about one fourth of russias whole unmined gold, makes polyus the globes second-largest gold miner by proven reserves, the business said on thursday.

We're pleased about the results...the publication of maiden ore book estimate signifies a significant milestone for polyus lasting development strategy, and confirms sukhoi logs place as one of the planet's highest-calibre silver build up, pavel grachev, leader, said in a statement.

The statement comes four weeks after polyus decided to spend $128.2m to accelerate the buyout of their lover in sukhoi log, russian state defence group rostec, and manage the 22 percent stake inside deposit it couldn't currently acquire.

Stocks in the organization, russias largest gold miner by manufacturing, were up 1.4 % in moscow on thursday morning, against a slight fall in the overall marketplace.

The organization also announced that its total gold output in third quarter had increased 2 per cent for a passing fancy period a year previously to 771,000 ounces, with estimated silver product sales up 36 % to $1.44bn.

Production and development plans for sukhoi log, which lies practically 6,000km from moscow in far east of siberia, are yet to be established. a pre-feasibility research is anticipated becoming posted by the end of the season.

The organization, which has begun work on building a nearby airport to offer the remote site, has actually formerly said development expenses could be about $2.5bn.

The deposit contains 540m tonnes of ore with a typical grade of 2.3 grammes of silver per tonne, in line with the estimate, the very first it had done under intercontinental jorc criteria. that caused it to be the biggest silver deposit worldwide among both greenfield and developed mines, polyus stated.

The companys moscow-listed stocks do have more than trebled in price this current year compliment of a surge in gold prices to accurate documentation high in august and big expectations for sukhoi log.

That made suleiman kerimov, whom has many share in business through his family, russias richest man, in accordance with forbes.