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UK’s Highland to invest $500mln in Russian Far East gold mine

Automotive

Britain’s Highland Gold Mining Ltd. will invest $500-550 million to launch a gold deposit in the Chukotka Region in Russia’s Far East, the company said on Wednesday.

Highland Gold Mining Ltd., which was established in 2002 for the purpose of acquiring, consolidating and developing a portfolio of quality gold mining projects in Russia, said it had made the investment decision for the Maiskoye deposit in Russia’s Far East after carrying out a feasibility study.

“This Maiskoye development marks the beginning of an important and challenging stage in Highland Gold’s growth strategy. In 2010 Mayskoye is scheduled to become the third producing asset of Highland Gold after Mnogovershinnoye and Novoshirokinskoye. As one of the largest undeveloped gold deposits in Russia, this will transform Highland Gold, resulting in higher gold output, higher production volumes and higher cash contributions,” Highland CEO Henry Horne said.

Under the feasibility study, output at the deposit, which is to be developed as part of an underground mining operation, is expected to be 850,000 metric tons per year. At full production levels, Maiskoye gold output will hit 250,000-275,000 ounces of gold annually over a mine life of more than 12 years from 2010, Highland said. (rian.ru)

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