Highland Gold expects to launch mine at Umlekan in 2028 at earliest

MOSCOW. Sept 3 (Interfax) - Highland Gold Group, which is controlled by Russian businessman Vladislav Sviblov, has signed cooperation agreements on the project to develop the Vostochny Dvoinoi deposit with the government of Amur Region and the Far East and Arctic Development Corporation (FEDC).

Vostochny Dvoinoi is one of the promising deposits in the Umlekan ore cluster, with commercial reserves of 34.9 tonnes of gold, the FEDC said in a press release. A mine and processing plant is expected to be launched at the deposit in 2028 at the earliest.

"The presence of the Zeiskaya hydropower plant, one of the largest in the Far East, in close proximity to the deposit, as well as the results of the geological exploration work we have already done make the project attractive for further development," Highland Gold's deputy CEO for GR, Mikhail Denisov said.

"In the next few years the group's main efforts will be concentrated on the development of project documentation and assessment of infrastructure needed for the full-fledged operation of the mine and plant," he said.

At the end of last year, Highland Gold acquired GPK Sakhtakhan, which holds a license to mine molybdenum, copper, gold and associated elements at the Umlekan cluster, as well as several exploration licenses.