Polymetal is investing $447 million in the Veduga gold project in the Krasnoyarsk region. Average annual production over the life of the operation will be 200,000 ounces of gold at a total cash cost of $800 to $850 per ounce of gold equivalent. Polymetal now owns 59.4% of Veduga and a call option to buy the remaining stake from VTB Bank. The asset is planned to be consolidated in Q2 2022. Production is scheduled to start in Q2 2025, with full capacity to be reached by the end of Q3 the same year.
Polymetal is investing $447 million in the Veduga gold project in the Krasnoyarsk region. Average annual production over the life of the operation will be 200,000 ounces of gold at a total cash cost of $800 to $850 per ounce of gold equivalent. Polymetal now owns 59.4% of Veduga and a call option to buy the remaining stake from VTB Bank. The asset is planned to be consolidated in Q2 2022. Production is scheduled to start in Q2 2025, with full capacity to be reached by the end of Q3 the same year. 
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