Russia's Kolyma Gold Refinery indefinitely suspends production

MAGADAN, Feb 6 (PRIME) -- Russia's Kolyma Gold Refinery (KAZ) has indefinitely suspended operations from February 1, Vladimir Mitkin, the Magadan Region's Natural Resources and Environment Minister, told PRIME Friday.

"Yes, the plant has temporarily suspended all operations on orders of its CEO Andrei Burma," Mitkin said.

In April 2014, Vladislav Feoktistov, former CEO of KAZ, was dismissed. A probe was launched into the non-return of a part of precious metal, which was supplied to KAZ for processing. Among others, gold miner Susumanzoloto had not received up to 500 kilograms of gold from KAZ. First gold supplies arrived to KAZ only in May 2014.

In 2014, gold output at the Kolyma Refinery dropped by 64.9% on the year to 7.584 tonnes.

The refinery has a capacity to process and produce 70 tonnes of gold bars and 400 tonnes of silver a year.

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