Canadian Kinross Gold accelerates expansion in Russian gold mining sector

Canadian business is accelerating expansion in the gold mining projects in Russia, according to recent statements, made by representatives of business and local media reports.

 

Despite historically high level of competition in the Russian gold mining sector, the Canadian companies have significantly strengthened their positions in it in recent year. One of them is Kinross Gold.

 

As part of the company’s latest plans is beginning the development of Chulbatkanskoye field, a large Russian gold field, which is located in the Khabarovsk Territory. According to some Russian media reports, so far, Kinross Gold has already completed a preliminary feasibility study of one of the sections of the field.

 

The overall production capacity at the new field will reach 2 million ounces, while the production will last for the period of up to 7 years. As part of the preliminary feasibility study of the project, the construction of an open pit is planned, with heap leaching technology is expected to be used. At the moment, Kinross is exploring the possibility of building of the needed infrastructure for the project, while the volume of investments may exceed US$560 million.

 

In case of receive of all needed permissions, the company intends to start construction at the end of 2022, with the beginning of mining itself being scheduled for Q4 of 2025.

By: Eugene Gerden