UPDATE: Power line building for Russian gold field to start in Oct

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MAGADAN, Jun 1 (PRIME) -- The construction of a power grid to the Natalka gold deposit in the Russian Magadan Region will begin in October 2016, the regional government said in a statement on Wednesday.

The grid is needed for the Matrosov Mine, the deposit’s operating utility belonging to gold company Polyus in order to reach a projected capacity.

The Russian government will allocate 9.9 billion rubles to Natalka, while private investors will give 88.5 billion rubles to build 135 kilometers of electric grids.

The deadline for construction of an ore-dressing plant at the Natalka field has been postponed to May 2019 from 2018, according to the report.

“After it became known that the project will receive state support, a new investment agreement was signed. It slates the project completion date… for April 2019,” the authorities of the region said.

The proven and estimated ore reserves of the field are 319 million tonnes, gold content is 1.6 grams per tonne.

(65.9962 rubles – U.S. $1)

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