Russia, Barrick Gold
As the Kommersant has got to know, the largest gold mining company in the world Barrick Gold has kept plans for the development of its last asset in Russia - the deposit of platinum group metals Fe
The third quarter of 2016 was successful for gold mining companies – the sale prices rose by 20% compared to the same period last year and amounted to an average of $1333 per ounce.
From 2014, Chukotka will produce 25-28 tons of gold every year due to current and new assets, the Governor of the region, Roman Kopin reported.
On the results of 2012, enterprises of Chukotka decreased the gold production by 7.32% to 18.176 tons as compared with 2011.
“We think that we can maintain the level of 25-28 tons of gold,” – he said, answering the question about the region’s plans in 2014. “The Kupol is a good deposit (it is developed by Kinross Gold), but it’s impossible to build the economy of the region on one deposit, so we must have a lot of such deposits,” – Kopin said.
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Following other gold-mining companies, suffering from the metal prices fall and have written off tens of billions of dollars, Polyus Gold has announced the forthcoming depreciation of its assets. The main write-off will concern one of the largest Russian gold deposits – the Nezhdaninskoye in Yakutia, which has been problem for Polyus for a long time.
Yesterday, the gold-mining company Polyus Gold announced the forthcoming non-monetary write-off in the amount of $460-480 million by results of the first six months because of the gold price fall in this period, which, as the company expects, will continue. About $320 million of write-off will concern the Nezhdaninskoye deposit in Yakutia (estimated resources are 14-20 million ounces) and the Degdekanskoye deposit in the Magadan region (3 million ounces), which are at the exploration stage. $140 million more of write-off will concern the developing Yakut deposit Kuranakh. A source, who is familiar with the company’s situation, notes the positive factor – there won’t be write-off on other acting assets and the development project of the Natalkinskoye deposit (Magadan).