Polyus Starts Commissioning Natalka Mine in Russia’s Far East
PISC Polyus, Russia’s largest gold producer, has launched the start of hot commissioning of its Natalka mine in the Magadan region of Russia’s Far East. Russian President Vladimir Putin participated in a launching ceremony in early September via video-link from the Eastern Economic Forum then in progress in Vladivostok. Following completion of ramp-up in late 2018, Natalka is scheduled to produce in the range of 420,000 ounces per year (oz/y) to 470,000 oz/y of gold over a mine life of more than 30 years.
Freeport, Indonesia Agree on Plan for Long-term Operating Rights
Freeport-McMoRan (FCX) and the government of Indonesia have reached an understanding on a framework to support PT Freeport Indonesia’s (PT-FI) long-term investment plans in Papua. PT-FI will convert its Contract of Work to a special license (IUPK), which will provide the company with long-term operating rights through 2041. PT-FI will commit to construct a new smelter in Indonesia within five years. In return, the government of Indonesia will provide certainty of fiscal and legal terms during the term of the IUPK.