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EastRussia Newsletter: Nordgold wants to sell its assets in Buryatia - EastRussia | Far East

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EastRussia Newsletter: Nordgold wants to sell its assets in Buryatia

EastRussia Newsletter: Nordgold wants to sell its assets in Buryatia
Photo: EastRussia

Nordgold is considering selling its gold mining assets in Buryatia - the Zun-Kholbinsky and Irokindinsky mines. The plans relate to depletion of reserves of developed deposits and a decrease in the gold grade in ore, the next published issue of the EastRussia newsletter says.

So, in the Zun-Kholbinsky mine, the actual gold content is only 1,5-2 grams per ton with a plan of four grams per ton, and in the Irokind mine - four grams per ton with a plan of 5,2 grams per ton. Both companies until recently were part of PJSC Buryatzoloto (a subsidiary of Nordgold), but in the spring of this year the board of directors decided to create two separate enterprises - LLC Zun-Kholba and LLC Irokinda. However, the company and the government of the republic do not report a possible new owner of the assets.

The reserves of the Zun-Kholba mine are 281 thousand ounces (resources - 637 thousand ounces), and the reserves of the Irokind mine are 197 thousand ounces (resources - 380 thousand ounces). In general, over the nine months of this year, the Buryatzoloto subdivision reduced production by 46% compared to the same period last year, to 28,1 thousand ounces.

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