UGC's Sovrudnik might build gold recovery plant at Eldorado deposit for 13 bln rubles - Yenisei Siberia Development Corporation

KRASNOYARSK. Nov 20 (Interfax) - Sovrudnika division of Uzhuralzoloto Group of Companies (UGC), might invest 13 billion rubles in the construction of a new gold recovery plant at the Eldorado ore cluster in the Severo-Yeniseisky district of Krasnoyarsk Territory, the Yenisei Siberia Development Corporation, which is supporting the project, reported on its website.

The plant might be completed by 2026 and reach full capacity in 2028, making it possible to ramp up gold ore mining and processing at the deposit to 4 million tonnes per year from 1.5 million tonnes. It will also make it possible to create a full-fledged mining and processing complex at the Eldorado mine.

Eldorado is the largest deposit being mined by Sovrudnik, with reserves of 165 tonnes.

Sovrudnik specializes in mining hardrock gold in the Severo-Yeniseisky district of Krasnoyarsk and is now building a mine and processing plant at the Vysokoye deposit at a cost of over $400 million. This deposit, which has estimated reserves of 175 tonnes, is expected to produce 3-4 tonnes of gold annually. It was reported at the beginning of November that UGC is ready to begin start-up and commissioning at the mine and plant.

UGC, one of Russia's top 10 gold miners, includes Sovrudnik, Uzhuralzoloto, Kommunarovsky Mine , Priisk Drazhny and other assets. The company's founder Konstantin Strukov owns nearly 100% of UGC.