Intergeo plans to invest 20 billion rubles in Ak-Sug field in 2024 if license is returned
KYZYL. June 17 (Interfax) - Golevskaya GRK (part of Intergeo) plans to invest 20 billion rubles in the Ak-Sug porphyry copper deposit in Tuva by the end of 2024 if litigation with Rosnedra regarding the license for the deposit results in a positive outcome, Intergeo told Interfax.
"Investments in the project totaled over 33 billion rubles as of April 30, 2024. The total planned investment volume is more than 230 billion rubles, including 20 billion rubles in 2024, provided the field is commissioned in July of this year," Intergeo said.
According to a company spokesperson, Golevskaya GRK was forced to suspend work at the field after the license was revoked, and therefore it will most likely no longer be able to meet its planned July commissioning date.
Earlier it was reported that Rosnedra had revoked the license from Golevskaya GRK for the exploration and production of copper, molybdenum and associated components in Ak-Sug in May of this year. The company attempted to appeal this decision in the Moscow Arbitration Court and filed a petition for interim measures in the form of suspension of the contested decision on the early termination of the right to use the subsoil. However, on June 11, the court rejected the company's application.
Golevskaya GRK filed an appeal against the decision of the court of first instance, and a hearing is scheduled for July 8, Intergeo said.
"We are hoping for a positive court decision, which will allow us to resume work at the field. The company fulfilled its obligations in strict accordance with the requirements of the licensing conditions, including meeting the deadlines for the start of construction of infrastructure facilities," the company said.
As reported, Russia's Glavgosexpertiza issued a positive conclusion on the project for the construction of a mining and processing complex at Ak-Sug in 2020. Golevskaya GRK began construction of the mining and processing plant in 2021. The main facilities of the mining complex include a quarry, overburden dumps, a processing plant consisting of nine interconnected sites, a tailings dump, and treatment facilities.
According to the Intergeo website, the commissioning of the deposit (the start of ore mining) is scheduled for 2024. The mining and processing plant should begin producing products in 2026.
The Ak-Sug porphyry copper deposit for open-pit mining is a priority project for Intergeo. The project itself is being carried out by Golevskaya GRK LLC, which is building the mining and processing plant. The planned capacity of the mining and processing plant for the extraction and processing of ore is 24 million tonnes per year, while for the production of copper-molybdenum concentrate, the plan is approximately about 500,000 tonnes.