Mangazeya aims to boost gold output 15% to over 3 tonnes in 2022

MOSCOW. Oct 18 (Interfax) - Mangazeya, one of Russia's top 20 gold miners, plans to increase gold production by 15% to more than 3 tonnes in 2022, group founder and owner Sergei Yanchukov said in an interview with Interfax.

"We plan to produce more than 3 tonnes of gold and grow by 15% compared to last year. The growth is being driven primarily by the Nasedkino mine," Yanchukov said.

In the long term, the company sees potential to triple production and reach 10 tonnes of gold per year, and at that point it might consider diversifying into other metals.

"Yes, we have such a strategic plan. After crossing the production level of 10 tonnes of gold, we would like to go into other metals for diversification, for example copper or platinum group metals, perhaps rare earth metals. We now have a polymetallic area in Transbaikal, but there's nothing specific to talk about yet, it's a green field, the very beginning of geological exploration," Yanchukov said.

One of Mangazeya's key projects is the Itakinskoye gold deposit, with resources estimated at 148 tonnes of gold. The group's total resource base is 250 tonnes. Its mining operations are located in Russia's Transbaikal Territory.