One of the world’s largest gold reserves was found at Sukhoi Log, in the Irkutsk region of Siberia (Russia), by the mining company Polyus Gold. Nearly 40 million ounces, which represents just over 1,130 tonnes, have been discovered, reports Bloomberg.
The precious metal content is 2.3 grams per tonne. The producer explained that the cost of extracting such a deposit – which would represent a quarter of the country’s gold reserves – would be around $ 2.5 billion.
Production could increase by 70%
This area was discovered by geologists in 1961 and in 1970 studies began to be carried out. In 2017, this Russian state-owned land was finally sold to the company.
Although mining is a very expensive process, the output of this mine could result in a 70% annual increase in the company’s production. New research could also show that the area has over 60 million ounces. Investments should start from 2023 to exploit the area.
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