Engineering & Mining Journal

JUN 2013

Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr

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RUSSIAN GOLD In 2012, Polymetal increased its gold mining by 33% to 589,000 oz/18.3 mt in a year-on-year comparison. The Dukat deposit produced 36,200 oz; the Khakanja mine in Khabarovsk Krai, 90,800 oz; Voro, 154,400 oz; Omolon, 129,000 oz; and in Albazino-Amursk, 77,500 oz. The company's revenue rose 40% to $1.855 billion. In 2013, the company plans to produce 1.2 million oz/37.3 mt of gold. It also expects the cost of mining an ounce of gold to cost $700-$725, while the volume of capital investments in developing its mine assets is estimated at $300 million. JSC Chukotka Mining and Geological Company, a subsidiary of Canadian Kinross Gold, reduced gold mining at the Kupol deposit 7.8% to 14,486 kg in 2012. The level of mining fell early in the year as the mine began a planned transition to process ore with lower gold content. In 2012, Nordgold produced 327,400 oz/10.18 mt of gold, which amounted to $546.3 million in revenue. In the Berezitovy deposit, the volume of gold output rose 9% to 116,300 oz/3.6 mt and revenue increased 17% to $193.6 million, according to the company. At the same time, the mines at the Buryatzoloto deposit reduced gold output 19% to 108,900 oz/3.39 mt and revenue fell 14% to $181.3 million. The Neryungri deposit also reduced gold output by 9% to 66,300 oz/2.06 mt, with revenue declining 6% to $111.4 million. The Aprelkovo deposit increased gold output 18% to 35,900 oz/1.1 mt with revenue rising 22% to $60 million. Currently, the company is preparing to start gold mining in the Gross deposit in the Republic of Yakutia. A number of new mines in this deposit will be commissioned by the end of 2013. For mining development in the Gross deposit, Nordgold will spend $70 million. In total, in 2013, Nordgold plans to produce 770,000 to 850,000 oz/23.95-26.44 mt of gold. According to analysts, Nordgold's production will peak in 2015 at 970,000 oz/ 30.17 mt of gold. After that, yearly output will begin to decline. In 2012, British Highland Gold Mining saw gold mining increase 18% to 216,885 oz/6.7 mt in a year-on-year comparison. At MNV in Khabarovsk Krai, gold mining rose 3.2% to 148,493 oz/4.6 mt, while at the Novo deposit in TransBaikal Krai, mining decreased 6.5% to 64,438 oz/2 mt. At the White Mountain deposit in Khabarovsk Krai, mining Polyus Gold's Timituhta mine in Krasnoyarsk Krai. fell 43% to 3,954 oz/123 kg. In 2013, the company will begin equipment delivery to the Klone gold deposit in Chukotka, which the company acquired in July 2012. Gold mining here is scheduled to begin in 2015 at about 50,000 to 60,000 oz/1.56-1.87 mt/y from mine output of processing of about 300,000 to 400,000 mt of ore. The content of gold at this deposit is reported at 5.1 g/mt. For 2013, the company plans to mine 225,000 to 240,000 oz/7-7.5 mt of gold. JSC Yuzhuralzoloto Group saw a rise in gold mining by 27% to 209,000 oz/6.5 mt compared with 2011. In 2013, the company will commission a gold processing plant at the Bereznyakovskaya deposit with a total capacity of 450,000 mt/y of ore. The company will use pressure leaching technology at this plant. In September 2012, Yuzhuralzoloto began construction of a gold processing plant in the Svetlinskaya deposit with a total capacity of 8 million mt/y of ore. Construction should be completed by mid-2013. According Table 4: Top Five Foreign Gold Miners in Russia in 2005-2012 (mt) Company The Main Assets 2005 2006 2007 Level of Mining 2008 2009 2010 2011 2012 Kinross Gold Corp. (Canada) Kupol 04.7 01.2 01.9 15.4 25.5 19.9 16.0 15.7 Petropavlovsk Plc (Great Britain) Pokrovskoe, Pioneer 07.0 07.4 08.4 12.2 14.8 13.9 21.2 22.1 Highland Gold Mining (Great Britain) Mnogovershinnoe 05.0 05.0 04.6 05.1 05.2 07.2 06.8 08.0 Leviev Group (Israel) Karalveem — — — 01.3 02.0 01.9 01.4 01.5 Central Asia Gold (Sweden) Tardan — 00.3 01.1 00.8 00.4 00.3 00.7 00.8 Total share of the foreign companies in Russian gold mining (%) — 16.1 15.1 15.6 23.0 27.4 24.8 25.0 25.4 JUNE 2013 • E&MJ 69

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