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Russia's Polyus says talks with China partner over Natalka up in air

Reuters - UK Focus

KRASNOYARSK, Russia, Feb 19 (Reuters) - Russia's largest gold producer Polyus Gold (Other OTC: PGILF - news) said on Friday its talks with China National Gold Group Corp. over the Natalka deposit in Russia's Far East (Kuala Lumpur: 5029.KL - news) were up in the air.

"There is no active work with China National Gold Group now. The Chinese want control which we are not prepared to give away. We were discussing a stake of up to 25 percent ... Now (Other OTC: NWPN - news) it's all up in the air," Chief Executive Pavel Grachev told reporters.

He said production at Natalka would start in 2018.

Grachev also confirmed plans by Polyus to produce 1.765 million troy ounces in 2016, adding that the company's budget for this year assumed a gold price of $1.050 per ounce. (Reporting by Olesya Astakhova; Writing by Maria Kiselyova; Editing by Andrew Osborn)