Arlan sees Russian Far Eastern gold output at 20 tns by ‘20

VLADIVOSTOK, Sep 3 (PRIME) -- Investment company Arlan expects to produce 20 tonnes of gold on its fields in Russia’s Far East after investing in expansion of Pavlik-1 project and process 10 million tonnes after building a 3 million tonne processing plant with a gold production capacity of 6 tonnes in 2019, CEO Yelena Nesterova told reporters on Thursday.

The company also expects its annual revenue to stand at U.S. $870 million and earnings before interest, taxes, depreciation and amortization to amount to $510 million per year.

Arlan plans to produce 8 tonnes of gold in 2016 and 10 tonnes in 2018 and 2019.

The company sees combined investments in the two projects, located in the Magadan Region, at $800 million, with $750 million raised from banks.

The company also plans to raise reserves of its fields to 400 tonnes in 2016 with a possibility of expanding them in the future to 500 tonnes.

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