Gold

Polymetal to start the development of Burgali in 2018

​“Omolon gold company” (in the structure of Polymetal) has completed the main geological exploration works at the Burgali site. It is planned to start the development of the deposit in 2018.
“The Burgali site is a good addition to our resource portfolio. Serious analytical work with the collected at this site results”, deputy head of the Magadan branch for mineral raw materials resources of Polymetal, S. Petrov, said.
According to him, the enterprise now starts to develop the technical –economic assessment. We will prepare the Burgali deposit for operation. Simultaneously we will keep exploration works at the ends of the site. There might be surprises, Petrov said.

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A “gold” territory of advanced development might appear in Kolyma

​The projects of development of the Yano-Kolymsky gold province and foundation of a jewelry cluster in the Magadan region might become the basis of the territory of advanced development, the Governor V. Pecheny said.
According to him investors of “North-Eastern Coal Company” CJSC, which prepare for development the Omsukchansky coal cluster, the project of foundation of a jewelry cluster, suggested by A. Basansky – deputy chairman of the Magadan Duma, chairman of the Board of the Kolyma production-commercial concern “Arbat” CJSC and projects of development of the Yano-Kolymsky gold province might become the center of the territory of advanced development.
All this can be added by the respective infrastructure and named the territory of advanced development. I am sure it will be like that, Pecheny said.

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Kazakhmys requires financial compensation from Kyrgyzstan

“Kazakhmys Gold Kygyzstan”, which develops Bozymchak deposit in Ala-Buka, requires 442 thousand soms of compensation for two-day road blocking from the local authority.  Plenipotentiary envoy to the Government in the Jalal-Abad region J.Egemberdieva said about i

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Sberbank opened a credit line of $70 mln to “Seligdar gold” OJSC

Sberbank opened non-revolving credit line of $70 million to “Seligdar gold” OJSC, part of “Seligdar” OJSC, runs the company’s statement.
The credit is for financial support of preparation to the season of gold production 2016 and granting loans to the holding’s enterprises. The financing schedule is no more than 29 months since the conclusion of an agreement on opening of the credit line. An annual interest rate is 8%.

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In H1 of 2015, Berezitovy mine increased gold mining

On the results of the first six months of this year, the company Berezitovy mine (Amur region, Russia) increased its gold production by 14%. Berezitovy mine produced 67.3 thousand ounces of gold (or more than 2 tons), which is by 14% more than in the first six months of the previous year (59 thousand ounces or 1 835 kg).
This growth was caused by the increase in the gold content in the ore (by 6% to 2.29 g/t) and recovery (by 0.3 percentage points to 90.1%). In addition, the increase in the gold production was caused by the fact that the volume of the first quarter included about 5 thousand ounces of Dore gold, produced at the end of 2014, but refined in the reporting period. The quarterly volume of the produced semi-gold looks so: in the first quarter of 2015 - 35.5 thousand ounces, in the second quarter of 2015 - 31.8 thousand ounces.

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Rostekhnadzor has found violations at “Search Gold” and “Sarylakh-Surma”

​Rostekhnadzor (Yakutia) has found a number of violations of the requirements of industrial safety at the objects of “Search Gold” CJSC and “Sarylakh-Surma” OJSC (in the structure of GeoProMining).
48 violations were found: deviation from project documentation; the completeness of personnel at dangerous objects is not full; no emergency teams; no technological regulations for each production process; no means of fire fighting at the production sites; no passports for mining works; the state of mining equipment is not checked.
“Search Gold” in 2014 extracted 2.28 tons. it was founded in 2013 on the basis of Indigirzoloto GOK. The major shareholders are “Search” Ltd (60%) and GUP “Committee for precious metals of Yakutia” (40%).
The enterprises of GeoProMining Ltd are “Sarylakh-Surma” OJSC and Zvezda OSJC.

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Initial payment for Sukhoi Log is 5 bln roubles

The startup amount of the one-time payment for the use of subsurface resources of the gold ore field of Sukhoi Log (Irkutsk region) will make up 5 billion roubles at the upcoming auction, the head of the Russian Ministry of Natural Resources, S.Donskoi said.
The development of Sukhoi Log requires about 90-100 billion roubles of capital expenses. There is planned the construction of a large mining complex for the production of 80-90 tons of gold and 20-25 tons of silver a year. About 80% of the resources of Sukhoi Log can be developed by the more economical open-pit mining method. The term of open-cut mining will make up 33 years, while the development of remaining reserves by underground mining method – 20 years. There will be produced 2 thousand tons of gold and 500 tons of silver during the period of development of the deposit. It is stated in the materials of the Ministry of Natural Resources of Russia.

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Gold experiences the deepest monthly fall in recent two years

Gold prices have experienced the deepest monthly fall since June 2013 as a result of sales against expected rise in US interest rates.
On Friday, the prices grew, as the US dollar decline against other currencies increased the attractiveness of gold to investors that buy it not for dollars.
By results of trading on COMEX, divisions of the New York Mercantile Exchange, the quotations of December gold futures, which were traded most actively, grew by $6.40 or by 0.6%, to $1095.10 per troy ounce.

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KAZ Minerals to bring Bozymchak to full capacity in September

Kazakhmys Gold Kyrgyzstan (included into KAZ Minerals Plc - previously Kazakhmys Plc) has intends to bring the mining enterprise at the Bozymchak copper-gold mine in Kyrgyzstan to full capacity in September, the Prime Minister of Kyrgyzstan Temir Sariev reported at the official opening of the mining enterprise.
According to the company, more than $332 million has been invested in the project. KAZ Minerals planned to run the plant in summer of 2014, then - in the first quarter of 2015.
Initially, the mine will be operated as an open-pit mine with prouction of 1 million tons of ore per year. The concentrate produced will be shipped to the Balkhash smelter in Kazakhstan, where 39 thousand ounces (1.2 tons) of gold, 200 thousand ounces (6.2 metric tons) of silver and 7.3 thousand tons of copper will be received from it.

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Investments into the Bozymchak copper-gold ore field project in Kyrgyzstan make up $332 mln

There has been invested $332 million into the implementation of Bozymchak copper gold ore field project. The press-service of the Government of Kyrgyzstan states.
According to it, “Kazakhmys Gold Kyrgyzstan” transferred over 950 million soms in terms of taxes and mandatory fees into the budget of the republic within the period from 2007 to 2015.

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