Gold producer Nordgold, controlled by the Russian tycoon Alexei Mordashov, plans to invest more than $360 million over the next 15 years in development of the Lefa mine in the Republic of Guinea.
“Nordgold is pleased to announce that a new mining permit will be effective starting from March 21. The new permit as well as the convention are extended for 15 years, in line with Lefa’s current life of mine. Nordgold will invest over $360 million in Lefa’s development within its life of mine,” the company said.
Nordgold bought the Lefa mine in 2010, and the company had invested more than $1 billion in Guinea since then, Nordgold said.
The Lefa mine is one of Guinea’s largest gold producing facilities. It employs about 1,200 people, and its output rose 7% on the year to 208,800 ounces in 2017. (Prime/Ukrainian metal)