Polyus Gold rises on completion of 'unprecedented logistics operation'

Russia-focussed Polyus Gold International has reported that key components of the new Natalka plant have been delivered on site and are expected to be installed in the third quarter of 2013 on schedule.

Russia-focussed Polyus Gold International has reported that key components of the new Natalka plant have been delivered on site and are expected to be installed in the third quarter of 2013 on schedule.

Polyus reported that the SAG mill, one of the world's largest in the gold mining sector, and the ball mill arrived at the port of Magadan, Russia on April 14th, where they were placed on mobile platforms for a 10-day, 406km road transfer to the Natalka site.

The two mills, which have a combined throughput of 1.228 thousand tonnes of ore per hour, were built by CEMTEC, a European manufacturer of processing equipment for the materials and mining industries.

In February 2013, they were transported from the manufacturer in Linz, Austria, to the Port of Antwerp, Belgium, from where they were shipped to Magadan on a journey of nearly 30,000km.

Pikhoya: Unprecedented logistics operation completed successfullyGerman Pikhoya, Chief Executive Officer of Polyus Gold, commented: "It was an unprecedented logistics operation in a challenging environment, which has been delivered successfully and ahead of the plan."

Polyus Gold International's share price was up 1.10% to 207.50p at 13:10 on Wednesday.

MF

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021
Forget austerity – governments and central banks have no intention of cutting back
Global Economy

Forget austerity – governments and central banks have no intention of cutting back

Once the pandemic is over will we return to an era of austerity to pay for all the stimulus? Not likely, says John Stepek. The money will continue to …
15 Jan 2021
The MoneyWeek Podcast: bitcoin special
Bitcoin

The MoneyWeek Podcast: bitcoin special

Merryn talks to bitcoin experts Dominic Frisby and Charlie Morris to get the lowdown on the cryptocurrency to find out why it's such a huge global phe…
15 Jan 2021
Free 6 issue trial then continue to