17 Aug 2009 17:15

Polyus Gold gets four reps on KazkahGold board

MOSCOW. Aug 17 (Interfax) - Polyus Gold has got four representatives elected to the board of directors at Kazakh gold producer KazakhGold, Polyus Gold said in a statement.

The four are Yevgeny Ivanov, Polyus Gold's general director; German Pikhoya, deputy general director for strategy and corporate development; Oleg Ignatov, deputy general director for economics and finance; and Boris Zakharov, deputy general director for production.

Ivanov was elected Chairman and Chief Executive Officer.

KazkahGold's board has seven members. David Netherway and Aidar Assaubayev remained members of the Board. Stephen Oke was appointed as a new independent non-executive director.

Alexey Teksler was appointed Chief Operating Officer and Kirill Martynov - Chief Financial Officer. Dmitry Ivanov was appointed General Manager of the London office.

KazakhGold is the parent company of the Kazakhstan-based KazakhAltyn, which produced 7.4 tonnes of gold in 2007. Its main assets, the Aksu, Bestobe and Zholymbet fields in northern Kazakhstan, hold around 60 million oz of gold and produced more than 300,000 oz in the last two years. The Aksu field is served by two recovery plants and a leaching pad, Bestobe by one of each and Zolymbet by one recovery plant. All three operations are being expanded to process tailings (up to 2 million tonnes of ore each).

KazakhGold also has assets in eastern Kazakhstan, Romania and Kyrgyzstan. Its overall reserves are 59.6 million oz and resources (to JORC) are 34.5 million oz. Polyus Gold is paying $13 per oz for KazakhGold's resources.