Russian gold producer Polyus Gold has obtained $1bn in funds from an anonymous investor to finance its Natalka gold mine located near Magadan.
Russian Federation Deputy Minister for the Development of the Far East Dmitry Shelekhov has confirmed the funds of RUB32bn ($1bn), but did not disclose the source.
Meanwhile, the development of the world’s third largest mine is said to increase the company’s gold production by two-fold by 2018, reported rt.com.
Magadan Oblast Governor Vladimir Petcheny stated that the mining of precious metals is a lifeline for the local economy.
The company earlier stated that it would invest $14m over the one month period in May to install a pilot plant and additional $8.7m to complete a feasibility study.
Further, the company is expected to have the capacity of 15 tons of gold by 2014.