PCH initiated a cutting-edge project for the production of sodium cyanide at the industrial site of Korund Ltd in Dzerzhinsk, Nizhni Novgorod region. SPV Korund-Cyan was set up for the project implementation.

The plant had a capacity of 66 000 tons of sodium cyanide per annum. The first phase was put into operation in July 2013 with the  second phase following in 2018.

The project’s investments were supported with project financing covered by Euler Hermes.

The plant’s unique and state-of-the-art technology provided for enhanced safety as well as reduced operating and investment costs compared with existing sodium cyanide plants.

Production from the plant met with growing demand from the Russian gold mining industry as well as to neighbouring CIS countries.

In late 2020, the business was sold for a consideration of  >6 EBITDA multiple.