China Gold, India's SUN might invest $460 mln in Klyuchevskoye gold deposit
MOSCOW. Sept 21 (Interfax) - China National Gold and JSC Rudnik Zapadnaya-Klyuchi have signed contract documents to progress to the practical implementation of the project to develop the Klyuchevskoye gold deposit, Russia's Industry and Trade Ministry reported.
"Overall investment in the project will total about $460 million," Industry and Trade Minister Denis Manturov was quoted as saying in the press release. "Annual production will amount to about 6.5 tonnes of gold, which will give a powerful push to the development of the economy of Transbaikal Territory and increase overall mining of the precious metal in the region by 40% by 2020," he said.
China Gold secured the right to acquire 70% of Rudnik Zapadnaya-Klyuchi from India's SUN after a special agreement between the governments of Russia and China went into effect. It was signed in February and went into effect at the end of August.
It was reported earlier that, in addition to China Gold and SUN, the international consortium to develop Klyuchevskoye might be joined by South Africa's TransAfrica Capital, the investment fund of Brazilian businessman Antonio de Moraes and Russia's Far East Development Fund.