Renova to invest 15 billion rubles in the north-Kamchatka gold zone in 2017-2020

07 Oct 2016

GK Renova plans to invest about 15 billion rubles in the development of gold mining business in the north of Kamchatka in 2017-2020, while the investments in 2016 will amount 4 billion rubles, said Viktor Radko, General Director of AO Zoloto Kamchatki, at the MINEX-2016 forum. In 2017-2020, Zoloto Kamchatki plans to process more than 2 million tons of ore in the Ametistovy mineral processing plant, which is a major project of the Severny gold bearing zone, and to produce more than 16 tons of gold (at an average grade of approximately 8 g/t) and 28 tons of silver. C1+C2 reserves of gold in the areas of the Severny gold bearing zone make up 49 tons at an average grade of 11 g/t, P1+P2 reserves - 324 tons at an average grade of 1.7 g/t. According to exploration projects, estimated increase in reserves and resources in the surrounding fields of Maletoyvayam and Vetrovayam amount up to 300 tons of gold. In addition, next to the Ametistovoye field, there are prospective gold-silver mineral occurrence, and the company plans to participate in the auctions for the right to explore and to mine. In 2011-2015, Renova invested more than 14 billion rubles in the Ametistovy mineral processing plant. In January-August 2016, about 400 thousand tons of ore were processed at Ametistovy, producing more than 2.5 tons of gold (average content of ca. 8 g/t) and over 4.4 tons of silver. Zoloto Kamchatki owns 9 licenses to develop gold deposits in Kamchatka with a total resource base of over 12 million ounces (375 tons) of gold. Gold reserves on the Ametistovoye field - 51.8 tons of gold and 177.8 tons of silver, potential resources and reserves growth is estimated at a minimum of 50 tonnes; on the Baranyevskoye field - 30.1 tons of gold, Meletoyvayam field - 27.6 tons, Vetrovayam - 7.7 tons, Kumroch - 30 tons. In 2015, the company produced 2,545 tons of gold, which is 38.4% more than the year before. It is planned to increase production by almost two times in 2016 - up to 5 tons of gold.

Source: Economical Information Agency «PRIME»