OREANDA-NEWS. On February 20, 2008 OJSC Polyus Gold (RTS, MICEX and LSE - PLZL), Russia’s leading gold producer, concluded an agreement on social and economic cooperation with Irkutsk regional administration, reported the press-centre of Polyus Gold.

The agreement is aimed at promoting the social and economic development of Irkutsk region and at the same time supporting Polyus’ strategy implementation in the region.

The administration of Irkutsk region, in cooperation with the management of Polyus Gold are intending to consolidate their efforts to stimulate the development of the regional economy and successfully implement Polyus Gold’s investment projects to develop hard rock and alluvial gold deposits in the region.

 In accordance with the agreement, Polyus Gold will partly finance the construction of water supply point in Bodaibo. In 2008-2010 the company will allot 45 million rubles (approx. $1.8 million) on that project. During the same period, Polyus Gold will also spend 16 million rubles (approx. $0.6 million) on various charitable projects in Irkutsk region.

 Commenting on the event the General Director of Polyus Gold Evgueni Ivanov noted that the company is very much focused on supporting the communities in the regions of its operations. “Irkutsk region is a region of strategic importance for Polyus Gold, that’s why the prosperity of the local community, which includes the development of social infrastructure and attractive working conditions, is as important for us as it is for the regional administration”.

 In Irkutsk region Polyus gold mining assets are concentrated in Bodaibo region. Those include Zapadnoye, Verninskoye and Chertovo Koryto deposits, Eastern and Western parts of Medvezhiy area, as well as 94 alluvial gold deposits in the basins of Vitim, Zhuya, Bolshoy Patom and Malyi Patov rivers. One more deposit, Mukodek, is located in  Mamsko-Chuiskiy area of Irkutsk region.

 Polyus Gold is the largest gold producer in Russia. Headquartered in Moscow, Polyus Gold’s operating mines and development/exploration projects are located in five major gold mining regions of Russia - Krasnoyarsk, Irkutsk, Magadan, Amur regions and the Republic of Sakha (Yakutia). The company produced 1.2 m oz of gold in 2007.