MOSCOW, October 8 (RIA Novosti) - A subsidiary of Polymetal, Russia's largest silver producer and one of the country's largest gold producers, has won a $1.2 million tender for a gold field in Russia's Far East, the company said on Wednesday.
The tender to prospect and mine gold at the Agniye-Afanasiyevsky gold mine in the Khabarovsk Region was won by the Albazino-Amursk company. The gold mine's reserves are estimated at 161,000 ounces of gold, Polymetal said.
The license will be granted for a term of 25 years. Under the license agreement, Polymetal undertakes to drill at least 5,000 meters in the next five years.
Polymetal runs operations in Russia's Far East (the Magadan Region and Khabarovsk Territory), the Urals (the Sverdlovsk Region) and Siberia (the Chita Region and the Krasnoyarsk Territory).
The company earlier said it plans to produce 250,000-270,000 ounces of gold and 17-18 million ounces of silver this year.
