MOSCOW, Jul 20 (PRIME) — Russias leading gold producer Polyus Gold plans to invest a total of U.S. $9 billion by 2020, excluding spending on acquisitions, the companys representative told PRIME on Wednesday.
According to the companys presentation released later Wednesday, the company plans to invest $8.7 billion until 2020, including $5.7 billion until 2015.
The size of the companys annual investment is expected to increase from $820 million in 2011 to 1.190 billion in 2016,then start decreasing and amount to $400 million in 2020.
On Tuesday, the companys board of directors approved a development strategy through 2020, which envisages increasing gold production to over 137 tonnes, once the Natalka processing plant reaches its projected capacity of 40 million tonnes of ore per year.
Of the total, the company plans to spend about 37.5 billion rubles, or about $1.33 billion, on the launch of new projects by 2020, the company said.
Polyus Gold is a leading gold producer in Russia and Kazakhstan.