Nordgold to invest $80 mln in Lefa mine in Guinea in 2019

MOSCOW, Apr 29 (PRIME) -- Gold mining company Nordgold, controlled by Russian tycoon Alexei Mordashov, plans to raise investment in its Lefa mine in Guinea by 15% on the year to about U.S. $80 million in 2019, the company said in a statement on Monday.

“We remain committed to Guinea and to driving performance at the Lefa mine. This intensive investment programme will put us in the best position to maximize the value of this major asset. Alongside the investment in equipment and facilities, we will also maintain our strong support of the local communities,” the company said quoting Lefa’s Acting General Manager Alejandro Rodriguez.

Nordgold will continue investing in exploration to extend the life of the mine and to sustain the production level, Rodriguez added.

In March 2019, an approval and convention for mineral extraction at the Lefa mine came in force to be in effect for 15 years, similar to the mine’s life. Until the end of the mine’s lifespan, Nordgold plans to invest more than $360 million into it.

In 2018, gold production at the mine fell 10% on the year to 187,800 ounces.

End