CEO says Russia’s Mangazeya Zoloto can double gold output in 2018

CHITA, Jan 16 (PRIME) -- Russian gold producer Mangazeya Zoloto plans to raise production by 95% to 1.5 tonnes in 2018, CEO and owner Sergei Yanchukov told PRIME in an interview released on Tuesday.

The company will nearly triple double geological exploration spending to 350 million rubles this year to increase the Baikal region reserves of the group to over 100 tonnes, he said.

Production of the Savkino field is to grow to 800 kilograms from 770 kilograms.

“I think it will be its production level for years to come,” Yanchukov said.

Mangazeya Zoloto will also launch the Kochkovskoye deposit to produce about 700 kilograms of gold.

“We have finished estimation works for the Kochkovskoye. Their results show that some of the reserves are in free-milling ore, where heap leach can be applied. The other part is primary ore, which is to be processed at a gold recovery factory. We plan to launch the project in 2018 on heap leach-adjustable ore,” Yanchukov said.

Mangazeya Zoloto hopes to receive a permit to build a gold processing plant in March and start building the facility to be launched in June 2019.

(56.3569 rubles – U.S. $1)

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