Kopy Goldfields mine at Malyutka gold deposit to have capacity of 1.2 tpy - authorities

KHABAROVSK. Oct 11 (Interfax) - Amur Zoloto LLC, a division of Sweden's Kopy Goldfields, plans to complete the construction of a mine and processing plant at the Malyutka deposit in Khabarovsk Territory with capacity to produce 1.2 tonnes of gold per year before the end of 2023, the regional government's press service reported.

"Construction of the mine and processing plant at the Malyutka hard-rock gold deposit is supposed to be completed by the end of the year. The amount of funds invested by the investor in the past five years has totalled 4.8 billion rubles. The design capacity of the enterprise is 1.2 tonnes of gold per year and its launch will make it possible to create 400 new jobs," the statement said.

It was reported earlier that Kopy Goldfields planned to launch production at the deposit in 2023 and reach design capacity in 2024. As of June, the deposit had mineral resources of 9.2 million tonnes with average gold content of 1.4 grams/tonne, and the company had mined 240,040 tonnes of ore.

Kopy Goldfields, one of the top 30 gold miners in Russia, carried out a reverse takeover of Amur Zoloto in 2020, and Group Alliance shareholders Arsen Idrisov and Musa, Deni and Magomed Bazhayev acquired control of the merged company. Kopy Goldfields is listed on the Nasdaq First North exchange in Stockholm.