GV Gold starts building Svetlovsky mine, processing plant in Irkutsk Region - authorities

IRKUTSK. Nov 24 (Interfax) - GV Gold has begun building the Svetlovsky mine and processing plant in the Bodaibino district of Irkutsk Region, the press service of the regional government and Governor Igor Kobzev reported after the latter's meeting with the gold miner's management.

"The company plans to carry out the technical launch of the Svetlovsky mining and processing complex and receive the first gold in 2025. The enterprise will annually process 3.5 million tonnes of ore and produce about 3.1 tonnes of gold after the plant reaches design capacity," the statement said. The company expects to reach design capacity in 2026.

Concurrently with the construction, GV Gold is working on the delivery of processing equipment for the gold recovery plant. The symbolic cornerstone of the future plant was laid on Tuesday, the government said.

"Considering the social importance of the project, we are currently focused on building the key production facilities and working out the issue of delivering equipment to the mining and processing complex already at the end of the first quarter of 2023," GV Gold CEO Sergei Gostev was quoted as saying by the press service.

GV Gold's board of directors decided at the end of 2021 to begin preparations for the construction of the Svetlovsky complex. The project involves open-pit mining for a projected 11 years. The life of the mine could be extended as a result of exploration of prospective areas of the Svetlovskoye ore field. The Svetlovskoye deposit has estimated JORC compliant gold reserves of 0.66 million ounces and resources of 1.36 million ounces.