Gold extraction factory costing $750 mln opens in Russia

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Canada’s Kinross Gold Corporation has started developing a gold mine in the Chukotka Region in Russia’s Far East where a $750 mln gold extraction factory was opened on Wednesday, local authorities said.

The Kupol mine in the Anadyr district of the Chukotka Peninsula is being developed by the Chukotka Mining and Geological Company, in which Kinross holds 75%. The factory is expected to produce 13.8-14.6 metric tons of gold in 2008. After the plant reaches its designed capacity in October, it will process 3,000 metric tons of gold ore per day, compared with the current volume of 1,500 metric tons.

The strategy for the development of the Chukotka Region stipulates gold production growth to 30 metric tons per year. By the end of this year, local factories are expected to produce 17-19 metric tons of gold, an increase of almost 300% on last year, local authorities said. (rian.ru)

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