The deposit located in Krasnoyarsk Region is being explored since 1978. First evaluation of its resources was conducted in 1985. Currently exploration works still are under way. Olympiada deposit contains both oxidized and sulfide ores. Through the latter type is refractory ore requiring special processing, it makes up some 75% of the deposit. In 2004 only Olympiada produced 1.8 million tons of oxidized and 3.4 million tons of sulfide ore.
Major volumes of ore (some 4 million tonnes per year) come from Vostochny (Eastern) open pit that reached the depth of 300 meters and is 1.2 km in diameter on surface level.
The ore extracted from the open pit is shipped to the processing plant. Oxidized and sulfide ores are processed separately in two different shops with capacities respectively of 1.5 million and 3.0 million tonnes per year. Olympiada processing plant is the only one in Russia to utilize unique biological oxidation technology. This allows to boost refractory ore gold extraction rate by 20-35% against conventional technology.
Third shop of ore processing plant with capacity of 5.0 million tonnes per year is under construction. This facility will be launched in 2007 which to bring plant’s sulfide ore processing total capacity to 8.0 tonnes per year. At the same time oxidized ore processing shop will switch to ore from Olympiada neighbors, including Titimukhta, Blagodatnoye and Olenii deposits.
The exploration license has Polyus Gold's subsidiary – CJSC Polyus.
(CO. PROFILE: Polyus Gold is the leading gold producer in Russia and the only Russian company among the world’s largest gold producers. Company's reserves and resources (by JORC classification) as of January 1st 2006 are: 25.1 mln oz of reserves (Proved & Probable) 76.8 mln oz of resources (Indicated, Measured and Inferred). Gold production in 2005 totaled 33.5 tons (1 076 k oz). OJSC Polyus Gold was formed in March 2006 as a result of the spin-off of MMC Norilsk Nickel’s gold mining assets.)
