https://www.rt.com/business/429830-russia-china-gold-project/
Russia & China agree to joint gold mining project in Siberia
Published time: 15 Jun, 2018 09:49
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© Ilya Naymushin / Reuters
The Russian government has approved a cooperation agreement with China on developing the Klyuchevskoye gold ore deposit in the Trans-Baikal region.
The decree was signed by Prime Minister Dmitry Medvedev, and the project is expected to be operational in two years. The planned volume of ore extraction is over 12 million tons per year.
Development of the Klyuchevskoye gold deposit is a very important project, according to the region’s governor, Natalia Zhdanova. Three countries – Russia, India, and China – are involved in the project’s development.
“It is important for the region. Foreign economic policy and attraction of investors are among the key work aspects for the Trans-Baikal’s government,” Zhdanova said, adding that 28 projects involving foreign investors are already being implemented there.
Earlier this month, she held talks with representatives of Indian investment company SUN Gold and Chinese state-owned gold mining company China National Gold.
Chinese and Indian companies plan to invest nearly $500 million in the project, which is expected to create about 3,000 jobs in the region.
READ MORE: Russia to double gold extraction becoming world's second biggest producer
The project will be based on the experience of China Gold in the operation of similar deposits in Inner Mongolia (China).
For more stories on economy & finance visit RT's business section
https://economictimes.indiatimes.co...an-gold-mine-project/articleshow/54887523.cms
BRICS Investors tie up for Siberian gold mine project
By
Dipanjan Roy Chaudhury
, ET Bureau|
Updated: Oct 17, 2016, 02.02 AM IST
BENAULIM, GOA: The Khemka family’s SUN Group, China National Gold Group Corporation, Russian sovereign investment fund Far East and Baikal Region Development Fund, and two other partners from Brazil and South Africa will jointly develop Kluchevskoye gold deposit in eastern Siberia in the first BRICS investment project.
Representatives of all five BRICS countries are parties to this BRICS Gold memorandum of understanding (MoU) signed on the sidelines of the BRICS Summit here on Sunday. The proposed joint venture aims to develop the Kluchevskoye gold deposit, located in Chita region of Siberia, into a significant open pit mine and heap leach operation with an expected production rate of 12 million tonnes of ore per year and gold doré production of over 6.5 tonnes per annum, as per feasibility study done by Changchun Gold Design Institute.
The pre-production investment is expected to be $400-500 million. The MoU was signed by Nand Khemka, chairman of SUN Group, Tong Junhu for China National Gold, Alexey Chekunkov, CEO of Far East and Baikal Region Development Fund (FEDF), Ivor Ichikowitz, chairman of South Africa’s Trans AFRICA Capital, and investor Antonio de Moraes from Brazil. Subject to all applicable Russian law requirements having been met, China National Gold will be the major shareholder with majority equity interest in the joint venture company.
It will provide management and development expertise and will have responsibility for raising long-term favourable debt financing for the project. Using the joint venture parties’ combined expertise, the project will be developed in accordance with best international practices in engineering, environmental, governance and community standards, utilising innovative technologies and creating substantial local employment and skill transfer. Subject to the approval of the regulatory authorities, the parties intend to implement the proposed joint venture at the earliest opportunity.
“We are delighted that SUN Group has managed to bring together world class strategic partners and investors for this historic first BRICS investment project in the gold sector… We look forward to a very successful long term partnership, expanding the traditional strong friendship between Russia and India to the other BRICS partners,” said Khemka. SUN Group has considerable long-term expertise working in Russia. Moraes from Brazil said, “I am delighted to be part of this pioneering BRICS opportunity and to make my first foray into Russia with reliable world-class partners.” This mining project involving participants from all five BRICS countries can act as a road map for future cooperation within the BRICS group, drawing on the strengths of all members to execute challenging and mutually beneficial projects in each other’s countries and around the world.
Russia & China agree to joint gold mining project in Siberia
Published time: 15 Jun, 2018 09:49
Get short URL
© Ilya Naymushin / Reuters
The Russian government has approved a cooperation agreement with China on developing the Klyuchevskoye gold ore deposit in the Trans-Baikal region.
The decree was signed by Prime Minister Dmitry Medvedev, and the project is expected to be operational in two years. The planned volume of ore extraction is over 12 million tons per year.
Development of the Klyuchevskoye gold deposit is a very important project, according to the region’s governor, Natalia Zhdanova. Three countries – Russia, India, and China – are involved in the project’s development.
“It is important for the region. Foreign economic policy and attraction of investors are among the key work aspects for the Trans-Baikal’s government,” Zhdanova said, adding that 28 projects involving foreign investors are already being implemented there.
Earlier this month, she held talks with representatives of Indian investment company SUN Gold and Chinese state-owned gold mining company China National Gold.
Chinese and Indian companies plan to invest nearly $500 million in the project, which is expected to create about 3,000 jobs in the region.
READ MORE: Russia to double gold extraction becoming world's second biggest producer
The project will be based on the experience of China Gold in the operation of similar deposits in Inner Mongolia (China).
For more stories on economy & finance visit RT's business section
https://economictimes.indiatimes.co...an-gold-mine-project/articleshow/54887523.cms
BRICS Investors tie up for Siberian gold mine project
By
Dipanjan Roy Chaudhury
, ET Bureau|
Updated: Oct 17, 2016, 02.02 AM IST
BENAULIM, GOA: The Khemka family’s SUN Group, China National Gold Group Corporation, Russian sovereign investment fund Far East and Baikal Region Development Fund, and two other partners from Brazil and South Africa will jointly develop Kluchevskoye gold deposit in eastern Siberia in the first BRICS investment project.
Representatives of all five BRICS countries are parties to this BRICS Gold memorandum of understanding (MoU) signed on the sidelines of the BRICS Summit here on Sunday. The proposed joint venture aims to develop the Kluchevskoye gold deposit, located in Chita region of Siberia, into a significant open pit mine and heap leach operation with an expected production rate of 12 million tonnes of ore per year and gold doré production of over 6.5 tonnes per annum, as per feasibility study done by Changchun Gold Design Institute.
The pre-production investment is expected to be $400-500 million. The MoU was signed by Nand Khemka, chairman of SUN Group, Tong Junhu for China National Gold, Alexey Chekunkov, CEO of Far East and Baikal Region Development Fund (FEDF), Ivor Ichikowitz, chairman of South Africa’s Trans AFRICA Capital, and investor Antonio de Moraes from Brazil. Subject to all applicable Russian law requirements having been met, China National Gold will be the major shareholder with majority equity interest in the joint venture company.
It will provide management and development expertise and will have responsibility for raising long-term favourable debt financing for the project. Using the joint venture parties’ combined expertise, the project will be developed in accordance with best international practices in engineering, environmental, governance and community standards, utilising innovative technologies and creating substantial local employment and skill transfer. Subject to the approval of the regulatory authorities, the parties intend to implement the proposed joint venture at the earliest opportunity.
“We are delighted that SUN Group has managed to bring together world class strategic partners and investors for this historic first BRICS investment project in the gold sector… We look forward to a very successful long term partnership, expanding the traditional strong friendship between Russia and India to the other BRICS partners,” said Khemka. SUN Group has considerable long-term expertise working in Russia. Moraes from Brazil said, “I am delighted to be part of this pioneering BRICS opportunity and to make my first foray into Russia with reliable world-class partners.” This mining project involving participants from all five BRICS countries can act as a road map for future cooperation within the BRICS group, drawing on the strengths of all members to execute challenging and mutually beneficial projects in each other’s countries and around the world.
