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China Gold will enter the Trans-Baikal gold deposit development project with a share of up to 70% - EastRussia | Far East

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China Gold will enter the project to develop a gold deposit in Transbaikalia with a share to 70%

The Russian government approved a draft intergovernmental Russian-Chinese agreement on the development of the Klyuchevskoye gold ore deposit in the Trans-Baikal Territory, according to an order published on the website of the Cabinet. After signing, the document will be ratified by the parties.

According to the draft agreement, China National Gold Group Hong Kong Ltd (China Gold) will receive the right to purchase from 60% to 70% of shares of JSC "Rudnik Zapadnaya-Klyuchi", which has a license to develop Klyuchevsky. At the moment, the main shareholder is offshore SUN Kluchevskoye Holdings Ltd (Cyprus). According to the conditions, the share of Russian equipment should be at least 40% of the total cost of equipment. Also, an obligatory condition is put forward for the employment of citizens of the Russian Federation, - in the course of the project, the number of Russians should be at least half.

A year earlier, the FAS Russia agreed to acquire China Gold 70% of the mine. It was assumed that the capacity of the mining enterprise at Klyuchevsky could exceed 82 million tons per year. The project was estimated at $ 500 million.