Russia: Petropavlovsk slashes 2016 gold output forecast

U.K.-registered Petropavlovsk Plc, which operates in Russia, has decreased its forecast for production of gold in 2016 to 415,000-430,000 ounces from 460,000-500,000 ounces with an average production cost of about $700 per ounce, the company said in a statement. The new forecast followed re-estimation of the impact from suspension of production at the Andreyevskaya deposit…

Russia: Petropavlovsk to buy Amur Zoloto

Companies of the businessman Musa Bazhayev suggest correcting the agreement on selling Amur Zoloto to Petropavlovsk and receiving 20% in Petropavlovsk instead of 30.3%. In April Petropavlovsk signed an agreement to buy Amur Zoloto for $144 million from Alliance Mining Group and Lexor Group, controlled by Bazhayev. According to the agreement, his companies had to…

Kyrgyzstan: Solton-Sary mine yields 4.8 kg of gold in November 2016

In November 4.8 kg of gold were mined at Solton-Sary.

The mine has been efficiently operating since April. Gold output increases.

At present the mine employs 164 people. (Ukrainian metal)

Azerbaijan: AAM gold output forecast down

Anglo Asian Mining has decreased its forecast for gold output in 2016 after the gold quality at Gadir mine dropped. This year the gold output target has been decreased to 67-69 thousand ounces from 69-71 thousand ounces. The company also reported that the Gedabek project had been connected to the National power system of Azerbaijan,…

Russia: gold output to increase in 2016

In 2016 Russia plans to produce 297 tons of gold, up by 1.2% YoY.

Last year Russia produced 293.4 tons of gold, up by 2% YoY

In January-September gold output went up by 0.4% YoY, to 219.25 tons. (Ukrainian metal)

Kyrgyzstan: Irisay goldfield to be put up for auction

The State committee of industry, energy and subsurface resources management plans to hold an auction on the goldfield Irisay on December 19.

The starting price of the license for the object is 2.8 million soms ($40.12 thousand). The projected gold reserves are 13180 kg. (Ukrainian metal)

Russia: Chinese firms to buy 5% in Polyus

China’s Zhaojin Mining Industry and Zijin Mining Group are taking part in talks to buy up to 25% in Russia’s largest gold producer Polyus for $2 billion. Zhaojin is considering buying the stake jointly with China’s Fosun. A Qatari investor is also interested in buying into Polyus, sources said. Suleiman Kerimov, the majority shareholder of…

Russia: Susumanzoloto elects CEO

Susumanzoloto board of directors has elected the chief technician and acting general director Alexander Chugunov CEO of the company. Chugunov has been appointed for 5 years. Susumanzoloto is among top-10 gold producers in Russia. In 2015 the company and its subsidiaries mined 4234.4 kg of gold, up by 6.58% YOY. This year it plans to…

Russia: Seligdar output up in January-October 2016

In January-October Seligdar mined 3.745 tons of gold, up by 31.5% YoY.

In October gold output totaled 644 kg against the target of 573 kg.

The 10-months result is the highest record in the company’s 41-year history.

Seligdar occupies the 10th place among Russian gold-mining companies. (Ukrainian metal)

Russia: gold and silver output down in January-September 2016

In January-September Russia produced 214.12 tons of gold, down by 1.4% YoY.

Silver output totaled 800.32 tons, down by 9.4% YoY.

Russia: Nordgold cuts 2016 output forecast

Gold mining company Nordgold, controlled by Russian businessman Alexei Mordashov, has cut its 2016 gold output forecast to 840,000-880,000 ounces from 880,000-930,000 ounces due to suspension of production at the Aprelkovo mine and difficulties with access to African deposits because of an extraordinarily long rain season, the company said in a statement. But the forecast…

Russia: Highland Gold Mining output down in Q3 2016

In Q3 Highland Gold Mining Ltd produced 63.09 thousand ounces of gold equivalent, down by 11% YoY. Output decrease is explained by the drop in Belaya Gora production. Mnogovershinnoye and Novoshirokinskoye mines output remained mostly flat. In January-September gold output totaled 191.75 thousand ounces, up by 0.2% YoY. This year the company intends to mine…

Russia: Fosun Group to buy 25% in Polyus

Polyus Gold International Ltd (PGIL) of tycoon Said Kerimov is in talks to sell 25% plus one share in the Russian largest gold producer to China’s Fosun Group for $2 billion. A source reported that the negotiations were at an advanced stage, and the deal might take place in late 2016 or in early 2017.…