Key facts

Location Krasnoyarsk Region, Russia
Ownership 59.4%
Ore Reserves (JORC) 1.6 Moz of GE at 4.5 g/t average grade
Mineral Resources (JORC) 1.1 Moz of GE at 5.8 g/t average grade
Capacity 1.5 Mtpa
Mining Open-pit (4 years) followed by underground (15 years)
Processing Conventional Flotation + Amursk POX


Veduga is a high-grade refractory gold deposit located in Krasnoyarsk Region, the top gold producing region of Russia. The Company’s stake in the asset amounts to 59.4%. In 2019, Polymetal more than doubled the deposit’s Ore Reserves to 2.8 Moz of gold at an average grade of 4.6 g/t.

Due to reserve increase in 2019 and further underground reserves significant extension potential, the Company decided to stay in the asset and continue its development. The conceptual project schedule assumes investment decision in Q4 2021. The processing plant is supposed to be launched in 1H 2025. The start of underground mining is scheduled for 2028. Polymetal preliminary assess the initial project CAPEX at ~US$ 450 million.

Currently, ore mining at Veduga ceased in October with focus shifting to building the exploration decline and pre-stripping ahead of the potential approval of the project.

Location History Geology and Mineralisation Ore reserves and mineral resources

Veduga is a high-grade refractory gold deposit located in a prolific Northern Yenisey gold belt in the Krasnoyarsk Region, 520 km north from regional centre of Kranoyarsk (population of approximately 1.1 mln) and 160 km south from municipal centre of Severo-Eniseyskiy (population of approximately 6,700). Veduga comprises 4 license plots with the total area of 18 The property is accessible by an all-year road and has direct access to the federal power grid. It is located 60 km from the largest producing gold mine in Russia, Olimpiada (owned by Polyus).

Veduga was first discovered in 1977 and was extensively explored between 1988 and 1996, which resulted in the estimation of the forecast resources according to the Russian State Reserves Commission (GKZ). In 1998, exploration campaign was continued with C2 level gold reserves approved by GKZ in 2002.

In 2006, Polymetal acquired 50% stake in the project from Anglogold Ashanti. In 2012, mining of oxide ore started. In the same year, the rest of Anglogold Ashanti’s stake was bought out. In 2014, initial NI-compliant Ore Reserves and Mineral Resources estimate was prepared by Snowden. In 2016, mining of sulfide ore started. In 2018, Polymetal increased its share in Veduga to 74.3%. In 2019, JORC-compliant reserves increased from 1.3 Moz of gold to 2.8 Moz. In 2020, VTB Bank, one of the Russia’s largest banks, invested US$ 71 million in exchange for a 40.6% stake in Veduga. Polymetal retains 59.4% ownership and a call option to acquire VTB’s stake in the future.

Veduga is a typical of gold-sulfide ore formation deposit and belongs to the pyrite-arsenopyrite-antimonite mineral type. 28 ore bodies have been identified, which form 5 mining sections: Western, Intermediate, Central, Eastern and Southeast.

Ore bodies are represented by sulfidized (more than 5%) quartz, quartz-sericite, sericite and carbon metasomatites. They do not have clear geological boundaries and differ only in test results. There is a direct correlation between the concentration of gold and the sulfide content in the ores.

Ores are refractory and can be optimally processed by sulfide flotation. The majority of recoverable gold is associated with sulfide minerals, mainly with arsenopyrites and pyrites.

Ore Reserves Tonnage, Mt Gold grade, g/t Silver grade, g/t Copper grade, % GE grade, g/t Gold, Koz Silver, Moz Copper, Kt GE, Koz
Total 11.0 4.5 - - 4.5 1,607 - - 1,607
Mineral Resources Tonnage, Mt Gold grade, g/t Silver grade, g/t Copper grade, % GE grade, g/t Gold, Koz Silver, Moz Copper, Kt GE, Koz
Total 5.7 5.8 - - 5.8 1,054 - - 1,054

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