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EastRussia Bulletin: Abramovich's company postponed the launch of the field in Chukotka - EastRussia | Far East

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EastRussia Bulletin: Abramovich's company postponed the launch of the field in Chukotka

EastRussia Bulletin: Abramovich's company postponed the launch of the field in Chukotka
Photo: EastRussia

The company Highland Gold Mining of Roman Abramovich, Evgeny Shvidler and partners postponed the launch of the Kekura gold deposit in Chukotka from 2021 to 2023 a year, according to the next published issue of the EastRussia bulletin.

Last year, the field’s reserves were estimated at two million ounces of gold with an average grade of seven grams per ton. According to the development plan, in the first eight years of field operation, the average gold production will be 172 thousand ounces per year, in the next eight years - according to 46 thousand ounces. It is expected that the capacity of the plant will reach 800 thousand tons of ore, in the last seven years of operation it is planned to reduce to 300 thousand tons.

At the same time, the postponement should not affect the cost of the project - capital costs will remain at the level of 229 million US dollars. A later launch date is due to difficulties with the delivery, installation and commissioning of equipment, since the field is remote from the main logistics centers, and access to it is carried out on winter roads.

A later than expected start of the project may have a negative impact on the gold production forecast for Chukotka, where, recently, precious metals in the region have been gradually declining due to the development of the largest existing fields, Kupol and Double Kinross Gold.

Detailed analytics on this and other relevant topics can be found in EastRussia Weekly Newsletter.