GV Gold to launch Svetlovsky gold mine in Russia's Irkutsk region in Sep 2025 - authorities

IRKUTSK. Sept 5 (Interfax) - GV Gold (OJSC Vysochaishy) will launch the Svetlovsky gold mining and recovery plant in the Irkutsk region's Bodaibo district in September 2025, the regional government's press service said.

"The enterprise will process up to 3.5 million tonnes of ore per year and produce up to 3.1 tonnes of gold after full ramp-up," it said following a meeting between Irkutsk regional governor Igor Kobzev and GV Gold board chairman Sergei Dokuchayev.

It said that GV Gold would invest 17 billion rubles in 10 years in infrastructure for the mine, a rotation camp, ancillary buildings and structures. Taxes for all budget levels will amount to more than 10 billion rubles.

GV Gold won an auction for the rights to the Svetlovskoye deposit in 2018, since when it has acquired additional licenses, increasing the total area to 180 sq. km.

GV Gold confirmed the final cut-off grade estimation report and approved the reserves of the Svetlovskoye deposit at State Reserves Committee at the beginning of 2023. Proven gold reserves at 49 tonnes or 1.576 million oz of gold at an average grade of 1.67 g/t. The company intended to start mining gold at the deposit in 2025, when a recovery plant with capacity of up to 3.5 million tonnes per year will be commissioned. The deposit contains free-milling ores, with an anticipated recovery rate of 88%.

GV Gold is one of Russia's top ten gold-mining companies. It operates in the Irkutsk region and Yakutia.