Nordgold exits Pistol Bay project in Canada
MOSCOW. Jan 25 (Interfax) - Nordgold exited the Pistol Bay exploration project in Canada in late December, the Russian gold miner said in a statement.
According to Nordgold, BG Gold Capital, an Ontario-based company, has become the new owner of the project. Nordgold has not disclosed any details. According to the Canadian registry, BG Gold Capital was established in mid-December.
Pistol Bay is an exploration project on the western shore of Hudson Bay in Nunavut, northern Canada. The licensed area covers 860 square kilometers. In 2020, Nordgold estimated the resources of the Vickers mine, which is part of the Pistol Bay project, at 1.58 million ounces of gold at an average grade of 2.2 grams per tonne.
Nordgold began investing in Pistol Bay in 2011, entered the capital in 2014, and gradually increased its stake until it consolidated 100% in 2016. The operator of the project was then valued for a buyout at approximately $29 million Canadian dollars, around $22 million USD.
Nordgold was included in the specially designated nationals and blocked persons (SDN) list in 2022, along with Severstal and Alexei Mordashov and family members.