Gold

HGM might increase precious metals output by 24.5% by 2014

Highland Gold Mining (Great Britain) by 2014 might increase the production of precious metals by 24.5% to 270 thousand ounces in gold equivalent (8.4 tons) against 2012, analysts of Sberbank CIB forecast.
The company has good perspective of income growth: the production in 2012-2014 might rise from 217 to 270 thousand ounces while the expenditure won’t almost change.

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Gaysky GOK to invest more than 190 mln roubles into geological exploration in 2013

Aiming for the strengthening of the ore base the Gaysky GOK (the enterprise of raw materials complex of UGMK) keeps financing the geological exploration projects. The area at which the geologists of the Gaysky GOK hold the prospecting and evaluation works covers 1,110.1 sq km.

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M. Prokhorov has left Polyus

The businessman has sold his stake in the gold mining company.
M. Prokhorov has sold almost 38% in Polyus Gold for $3.6 bln to the structures of the co-owner of Uralkalii, Z. Mutsoev and a former shareholder of the group “Wimm-Bill-Dann”, G. Yushvaev. Participants of the market think the buyers act in the interests of S. Kerimov that holds 40.2% of Polyus and thus avoiding making an offer to the minority shareholders. Onexim of M. Prokhorov says the funds from the sale of the package will go for his investment projects. Sources of Kommersant name one of the variants of investment could be the purchase of 10.5% of Rostelekom from K. Malofeev but the parties can’t agree on the price.

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Prokhorov sold 37.8% in Polyus Gold for $3.6 billion

Onexim Group of M. Prokhorov sold 18.5% in Polyus Gold International to Lizarazu Limited affiliated to the deputy of the Parliament Z. Mutsoyev for $1.77 billion, and 19.28% to Receza Limited to the former owner of Wimm-Bill-Dann G. Yushvayev for $1.846 billion. It means that Onexim sold 37.8% for $3.6 billion. Both businessmen act in favor of S. Kerimov owning 40.2% in Polyus Gold via Nafta Moscow. The transaction was performed in accordance with the demands of the British Panel on Takeovers and Mergers.

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Kirgizia prohibited production to Full Gold Mining

The government of Kirgizia suspended the operations of the Chinese Full Gold Mining Co, which holds the licence for the gold deposit development Ishtamberdy in the Jalal-Abadskaya region of the republic, the Prime Minister J.Satybaldiev said.

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Kazakhstan to launch a gold refinery in December

Tau-Ken Altyn LLP is going to launch production at a new gold refinery in Astana. The capacity of the plant makes up 25 tons of gold, director of the company Meyramgaliy Tleuzhanov reported at the forum devoted to precious metals in Russia and the CIS.

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In 2012, Russia produced 226 tons of gold

In 2012, Russia produced 226 tons of gold, by 7% more than in 2011, the chief of Gold producers Union of Russia S. Kashuba says. Own extraction and production were 222 tons, gold concentrate yield were 4 tons. Secondary production is 8.5 tons.
If global gold price remains high then Russia can annually increase gold production by 5% until 2020. Major growth in production is provided by Polyus Gold and Polymetal.

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Polymetal buys 700,000 ounce of gold at Maminskoye deposit

Polymetal International Plc. announces that its 100% subsidiary Polymetal JSC has closed agreement with Vitalex Investments Ltd and Arrowline Investments Ltd binding itself to purchase 100% in Maminskaya Ore Mining Company CJSC (MGK Company)holding the license for production and exploration at the Maminskoye golden ore field, valid until 2023. The price of MGK is $95.5 million. One of the sellers and the majority owner of MGK is the former chief of Highland Gold I. Kulakov. In November 2012, MGK announced that Mr.

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Large golden ore deposit has been discovered in Yakutia

Geologists have discovered the Gora Rudnaya deposit at the Lebediny ore site in Yakutia, with prospected reserves of 200 tons of gold, the Ministry of Economy and Industrial Policy of the region reports referring to the First Vice Director of the State Geology Committee V. Kalashnikov.
Three years ago Yakutskgeologiya offered to start once more prospecting at the Lebediny ore site, hoping to discover golden ore objects non-traditional for this territory. The work was performed at the expense of the federal budget.

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Irkutsk region increased investment into geological exploration by 18.7% in 2012

In 2012 the Irkutsk region increased the investment into the geological exploration by 18.7% to 11.273 bln roubles against 2011, the head of the licensing department of the Ministry of Natural Resources, M. Kozhin said.

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