China’s CNGC and Polyus Gold strike deal over Natalka gold mine

Natalka gold mine

Natalka gold mine

Natalka gold mine Polyus Gold and the China National Gold Group Corporation (CNGC) have agreed to jointly develop Russia’s largest gold deposits at Natalka in the the Far Eastern oblast of Magadan’s Kolyma district. According to a statement issued by Polyus Gold, the two companies will ‘cooperate in multiple areas including the procurement of equipment and consumables; engineering, design and construction; and the development of new projects in the gold mining industry.’ The agreement was signed last week during Chinese President Xi Jinping’s visit to Moscow. Once operational towards the end of next year or in early 2017, the mine is expected to be able to produce about 15 tonnes of gold a year.