PRESS: China Gold interested in Russian Platinum $4.6 bln projects

MOSCOW, Aug 11 (PRIME) -- China National Gold Group (China Gold) is interested in Musa Bazhayev’s Russian Platinum’s projects in Russia and Kyrgyzstan with investments of up to U.S. $4.6 billion, Kommersant business daily reported Friday citing a source familiar with the situation.

These are the Chernogorskoye and Norilsk-1 polymetallic fields on the Taimyr Peninsula and the Jerooy gold deposit in Kyrgyzstan.

Russian Platinum confirmed talks with China Gold, but said it was early to speak about details yet.

The Chernogorskoye deposit’s reserves are estimated at 20.5 million ounces of platinum, palladium, rhodium, and gold. Reserves of the southern part of the Norilsk-1 deposit are estimated at over 90 million ounces of platinum-group metals and gold and over 3.3 million tonnes of copper, nickel and cobalt. The Jerooy deposit’s reserves amount to over 2.9 million ounces of gold.

In December 2016, Russian Platinum and VTB Bank agreed on the development of deposits on the Taimyr Peninsula and attracting partners. Investments were estimated at $4 billion and China’s Fosun was named a potential partner. Two sources told Kommersant that Fosun was studying Russian Platinum’s projects, but no talks have been held recently.

Investments in the Jerooy field development are estimated at around $600 million.

End