GOLD NEWS

Russian gold miner UGC pours first gold at Vysokoye plant, targets 2.5 tonnes there in 2024

Wed June 19 2024

Uzhuralzoloto Group of Companies (UGC) has poured its first gold at the mining and processing plant at the Vysokoye deposit in the Krasnoyarsk territory, the gold producer said in a statement.

Pre-commissioning, which got underway in December, was completed successfully at the end of May. The Federal Environmental, Industrial, and Nuclear Supervision Service (Rostechnadzor) and Federal Service for the Oversight of Consumer Protection and Welfare (Rospotrebnadzor) have issued the necessary permits to produce gold. The mine poured its first gold at the end of May and aims to produce 2.5 tonnes before the end of the year.

"Vysokoye will boost UGC's gold production by around 20% this year," CFO Artem Kletskin was quoted as saying.

The Vysokoye deposit is part of UGC's Sovrudnik division. Around $400 million has been invested in its development and infrastructure in the last five years. Proven reserves of more than 120 tonnes will ensure a mine life of more than 30 years.

UGC is one of Russia's biggest gold miners. It has two hubs - Urals, in the Chelyabinsk region, and Siberia in the Krasnoyarsk territory and Khakassia. Konstantin Strukov the biggest shareholder. The free float is around 6%.

Source: https://interfax.com