Russia Metals and Mining, Kazakhstan mineral extraction
Engineering development of the Kyzyl gold ore project in East Kazakhstan region will be completed in the first quarter of 2017, the press centre of Polymetal reports.
The Eurasian Development Bank and the Russian Copper Company (RMK) have signed agreement of intent.
At the conference after the opening of a hot leaching shop at the Suzdal mine, general director of Nordgold Nikolai Zelensky has told about development of the company in Kazakhstan, as well as the plans for the near future, and about his vision of the dynamics of world prices for gold.
On June 8, Nordgold launched the hot leaching shop to extract gold from technological waste of the Suzdal deposit in Kazakhstan, investment in the project amounted to $5.8 million.
The Outotec’s technology of alkali treatment at high temperature enables to increase the rate of extraction of gold from double refractory ores. Both historical and future Suzdal technological waste of the CIL-process (CIL - carbon-in-leach) - more than 130 thousand tons per year – can be processed. Approximately 195 tons of process waste from the current process will come every day to hot leaching, and the same volume - from tailings, said rotational technologist of the metallurgical plant Zhangazin Kurmangazy.
Polymetal International had agreed with the RF Sberbank on financing Kyzyl deposits worth nearly $ 350 million, Vitaly Nesis, CEO Polymetal International, stated at a press conference in the framework of the VII International Mining and Metallurgical Congress Astana Mining & Metallurgy.
In the first nine months of 2015, the Russian index of mineral resources mining grew by 0.3%, and the index of mining of metal ores increased by 1.6%. The index of metallurgical production and output of finished metal products fell by 5.7%.
In the non-ferrous metallurgy production the index decreased by 8.1% due to the reduced putput of products of increased technological readiness, delivered to the domestic market. The index of mining and enrichment of non-ferrous metals grew by 3.1%. The domestic demand for non-ferrous metals decreased by 20%, while the export grew by 1.7%.
According to the Russian Statistics Committee, in January-September 2015, the ore mining and production of gold concentrates decreased by 4.1%, the production of gold bullions - by 2.1%. According to the Ministry of Finance, the total gold production decreased by 0.6% to 215.868 tons, including primary production decreased by 0.7% to 173.82 tons, byproduct production - by 26.5% to 9.69 tons, and scrap production grew by 11.9% to 30.95 tons.
Polymetal Int (which combines the assets of JSC "Polymetal") plans to begin the full-scale construction of the Kyzyl gold project in Kazakhstan in Q2 2016, ore processing will begin in H2 2018, the first year of production at full capacity will be 2019, according to the company.
Gold production at the flotation factory with the capacity of 1.8 million tons per year will be an average of 325 thousand ounces (10.1 tons) of paid gold per year in the concentrate for a period of quarrying and averages 270 thousand ounces (8.4 tons) of gold in the concentrate during the service life of an underground mine.
Metallurgical recovery in the concentrate was 91% at a concentrate output ratio of 6.5%. The average content of gold in concentrate production was 10.8 g/t.
The enterprises of Kazakhstan produced 20.106 tons of refined gold in January-August 2015 (+16.7% y-o-y), the output of refined silver increased by 45.7% to 857.219 tons
The Republican Statistics Agency reports. Production of crude, semi-finished and powdered gold made up 39.318 tons (+24.4 %), silver - 858.82 tons (+45%).
The company plans to develop "Kyzyl" for loans from Russian banks.
Gold mining Polymetal discusses with VTB and Sberbank financing of Bakyrchik and Bolshevik deposits mining in Kazakhstan (the "Kyzyl" project). The company expects that the banks will be able to provide funds half the cost of the project, which is estimated at $ 375 million, and, in contrast to Western creditors, will not require collateral, hedging of exchange rates and gold prices. But analysts warn the bankers will require higher margins for it.
KAZ Minerals plans to launch the mining and processing complex at the copper deposit Bozshakol (Pavlodar) before the end of the year, the press service of the local administration of Pavlodar region states.
Earlier, KAZ Minerals was planning to put the GOK into operation in the first quarter of 2016. In June this year the company began preliminary mining work in the field. The construction of the mining and processing complex is ready by 90%. The volume of investments into the project makes up $2.2 billion.
Polymetal International plc (LSE, MICEX: POLY; ADR: AUCOY) (together with its subsidiaries – “Polymetal”, the “Company”, or the “Group”) is pleased to announce the Group’s financial results for the six months ended 30 June 2015.
Revenue in 1H 2015 decreased by 11% to US$ 648 million compared to 1H 2014 (“year-on-year”) driven by gold and silver prices decreasing 7% and 18% respectively year-on-year. The volume of both gold and silver sold was largely unchanged from 1H 2014, with gold equivalent sold lower by 4% to 537 Koz year-on-year driven by an adverse movement in the gold/silver price ratio.