Swedish Kopy Goldfields plans JV for Northern Territory project
MOSCOW. March 27 (Interfax) - Swedish Kopy Goldfields, which holds licenses to gold ore sections in Irkutsk region, is seeking a partner for its Northern Territory project, the company said in a press release.
The project covers six sections near Bodaibo covering 185,200 hectares: Bolshaya Taimendra, Tyrynakh, Gorbylyakh, Malo-Patomsky, Chencha and Omur-Yuryakh. Kopy Goldfields acquired the licenses to gold ore exploration and extraction at the end of 2012.
It already has a JV with GV Gold (OJSC Vysochaishy) to develop the Krasny project. It signed a letter of intent in November 2013 under which GV Gold "may acquire up to a 51% interest in the Krasny project by financing an in-fill exploration program and spending up to $9 million," the press release says.
"The parties are currently developing a shareholders' agreement over the Krasny project that will specify the relations between the parties during the life of the project," it says.
Production under the project could begin in late 2016.
Kopy Goldfields sold its licenses to the Kavkaz and Prodolny sections for 50 million rubles last year (10% paid in 2013 and 90% in February 2014) to Siberian Goldmining Company.
It is currently negotiating sale of the Kopylovskoye license.
Kopy Goldfields invested about $3 million in exploration in 2013, 37% more than in 2012. Its net loss narrowed 17% to $10.4 million.
Kopy Goldfields, headquartered in Stockholm, owns 11 licenses to gold ore sections in Irkutsk region's Lena gold province (Bodaibo district).
