19 September, 2018

Nordgold launches new Russia mine

Gold miner Nordgold has formally launched its third mine – the new Gross operation in Yakutia, Russia, which will turn the company into an one-million-ounce a year producer.

The Gross mine will operate for 17 years and is expected to add 200 000 oz/y of to Nordgold’s production profile.

Construction of the mine began in June 2016 and the operation was launched this week at a ceremony during the Eastern Economic Forum, in Vladivostok.

“I believe we have firmly cemented Nordgold as a truly world leading developer of new gold mine assets. This gives us even greater confidence as we look to develop our Montagne d’Or asset in French Guiana, which is expected to be a major catalyst for much needed economic growth in the country” said Norgold CEO Nikolai Zelenski.

The Montagne d’Or project host proven and probable reserves of 2.75-million ounces of gold, with considerable expansion potential. In March last year, Nordgold announced a positive bankable feasibility study for the Montagne d’Or project, demonstrating that it has the potential to produce an average of 237 000 oz over the first 10 years of mine life, at an average grade of 1.73 g/t gold, resulting in an average all-in sustaining cost of $749/oz.

Nordgold launched two Burkina Faso mines – Bissa mine and Bouly – in 2013 and 2016, respectively.

Source: miningweekly