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«    March 2018    »

Russian Nordgold acquires 55,01% stake in French Guiana’s gold field

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Russian Nordgold acquires 55,01% stake in French Guiana’s gold field

Nordgold N.V., a gold mining company established as a gold producing subsidiary of Severstal, the Russian steel company owned by Alexey Mordashov, has completed the preparation of a bankable feasibility study and thereby fulfilled the terms of the agreement for acquisition of a 50.01 percent stake in Montagne d'or Deposit located in French Guiana, from Columbus Gold Corporation, Nordgold informed.

In September 2013, Nordgold entered into an option agreement with Columbus Gold Corporation for the purchase of 50.01% in the project under the condition of the preparation of a bankable feasibility study no later than until the first quarter of 2017, as well as investment in the phased implementation of the project in the amount of at least $30 million.

A required minimal amount of investment  was made by Nordgold by the end of the second quarter of 2016, a feasibility study has been completed by 13 March 2017, the company said.

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