All five BRICS countries – Brazil, Russia, India, China and South Africa – have signed a memorandum of understanding on joint development of the Klyuchevskoye gold ore field in Zabaikalsky region.
The agreement was signed by SUN Gold (India), China National Gold Group, Russia’s Far East Development Fund, Trans AFRICA Capital, and Brazilian investor Antonio Moraes Neto. The joint venture will be aimed at making a large open-pit mine at the field with annual production of 12 million tons of ore and more than 6.5 million tons of gold ore. Investments are expected at $400-500 million.
The parties are to receive approval of corresponding Russian and Chinese authorities before creation of the joint venture.
In August Russia’s Federal Antimonopoly Service said China National Gold was about to buy a 70% stake in the Klyuchevskoye gold field from SUN Gold.
Reserves of the field were estimated at 47.8 tons under the A, B, and C1 categories and at 26.6 tons under the C2 category. The development of the field was suspended more than 10 years ago. (Prime/Ukrainian metal)
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