Russia-based gold and silver mining company Polymetal will use exclusively electric vehicles in its five new open pits as part of a $47 million investment for the Veduga gold mine.

In a statement, Polymetal said the plans are based on the results of a preliminary feasibility study (PFS), with the first production expected in Q2 2025.

The company said five open pits will be mined over the next ten years from 2022 using conventional drill and blast, load and haul mining methods with electrical and diesel excavators.

The underground mine will utilise open stope mining followed by cemented paste backfill, with ore hauling by skip shaft. Additionally, the company said further studies would be undertaken to evaluate alternative ore transportation options to cut capital spending.

Ore mining will start in 2030 and continue until 2041, possibly extending exploration for another ten years.

Vitaly Nesis, group chief executive of Polymetal, said the PFS showed that Veduga has a "high-grade reserve base."

Additionally, the project would "materially contribute" to its carbon emission reduction targets as it will rely on hydropower.

As of 2021, the Veduga gold mine has an annual capacity of 1.5 million tonnes.