Highland Gold Buys Chukotka’s Kekura Field for $212 Mln

© RIA Novosti . Ruslan Krivobok / Go to the mediabankHighland Gold Buys Chukotka’s Kekura Field for $212 Mln
Highland Gold Buys Chukotka’s Kekura Field for $212 Mln - Sputnik International
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UK-based Highland Gold Mining, co-owned by Russian billionaire Roman Abramovich, has acquired a gold field in Russia’s easternmost Chukotka region for $212 million, the company said on Tuesday.

MOSCOW, April 2 (RIA Novosti) – UK-based Highland Gold Mining, co-owned by Russian billionaire Roman Abramovich, has acquired a gold field in Russia’s easternmost Chukotka region for $212 million, the company said on Tuesday.

“Highland Gold Mining announces the acquisition of 100 percent of CJSC Bazovye Metally, which holds the mining and exploration rights to the Kekura gold deposit and surrounding license area, for consideration of $212 million,” the company said in a statement.

The company will pay an additional $11 million in the second half of 2013 after the launch of a pilot plant with a capacity of 150,000 tons of gold ore. The pilot plant is expected to operate until the main processing facility becomes fully operational by 2017 “with anticipated production ranging from 180,000 to 220,000 oz of gold per annum via 800,000 – 1,000,000 tons of ore being processed each year over a minimum ten-year production life.”

The Kekura deposit is located some 120 kilometers (75 miles) south of the town of Bilibino and 250 kilometers (155 miles) east of the company’s Klen development project. The deposit holds around 2.89 million oz of gold under JORC classification with an average ore grade of 8.69 g/t.

The purchase will be financed with a $250-million loan from Gazprombank.

 

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