Largest Gold Mines in Russia in 2019

Olimpiada was the largest gold mine in Russia in 2019. Four out of five largest gold mines in Russia owned by Polyus.

The following is the list of top five largest gold mines in Russia created by Mines and Metals on the basis of corporate reports.

With 1,389 kozt of gold mined in 2019, Polyus’ gigantic Olimpiada operation was the largest gold producing center in Russia, followed by Kinross’ Kupol (527 kozt) and Polyus’ Blagodatnoye (421 kozt) mines. Fourth largest gold operation in Russia was Ployus’ Natalka mine (405 kozt). Polyus’ Verninskoye mine is closing the top five list with 256 kozt of gold mined in 2019.

All five top mines in Russia increased their gold output in 2019, with gold output at Natalka jumped a whopping 205%.

The detailed analysis is below.

Largest gold mines in Russia. Source: Mines and Metals.

1.Olimpiada. 1,389 kozt Au.

Located in one of Russia’s most prolific gold mining provinces, Olimpiada is largest gold mine in Russia, one of the largest gold mines on the globe, and Polyus’ largest operation. The mine began production in 1996 and currently accounts for over a half the Moscow-based company’s total gold output. The ore mined at the site is processed at three plants with a combined capacity of 13 million tonnes of ore annually. To treat Olimpiada’s sulphide ores, Polyus employs BIONORD, the Company’s proprietary bio-oxidation technology.

2.Kupol. 527 kozt Au.

Kupol is a high grade underground mine located in the Chukotka region of the Russian Far East. It is second largest gold mine in Russia and has one of the lowest operating costs in Kinross’ portfolio. Kupol’s consistently strong operating results make it a model for successfully operating in a remote region, with the nearest major city approximately 200 kilometres away. Supplies and equipment are transported to the mine from around mid-January to early May via a 380-kilometre winter road. Kupol’s mill was expanded in 2013 from 3,500 to 4,500 tonnes per day to process additional ore from the nearby Dvoinoye mine.

3.Blagodatnoye. 421 kozt of Au.

Located only 25 kilometres away from Polyus’ flagship operation, Olimpiada, Blagodatnoye is the Company’s second largest mine. Commissioned in July 2010, it boasts a processing capacity of 8 mln tonnes of ore per year, which makes it one of the largest ore processing plants in the Russian gold mining sector.

4.Natalka. 405 kozt of Au.

Natalka is located in the Magadan Region on the northern Pacific coast of Russia, in one of the most remote and cold parts of the country. It is a major open-pit gold deposit which was discovered in 1942. Polyus acquired Natalka in 2008. The construction of a mining complex began in 2012, and active full-scale mining was launched in early 2013. However, mining and construction works at the mill were soon halted. Construction at Natalka restarted in 2016. Mining operations were relaunched in January 2017, and hot commissioning was successfully completed at the mill. Polyus fully ramped up production at Natalka in the second half of 2018.

5.Verninskoye. 256 kozt of Au.

Commissioned in December 2011, Verninskoye became Polyus third mine launched in three consecutive years from 2009 to 2011. Located in the historical gold mining area of Bodaybo, this greenfield operation’s resource base allows for expansion of its plant processing capacity.

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