Polyus was previously the world’s third-largest gold miner by reserves behind Newmont and Barrick.
Russia’s largest gold producer Polyus said that its total proved and probable ore reserves had risen by 71% to 104-million troy ounces of gold at the end of 2020 due to inclusion of reserves at its giant Sukhoi Log deposit.
“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.
The Russian gold producer plans to take a final investment decision on the Sukhoi Log project in Siberia in 2022.
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.