Nordgold, owned by a businessman Alexei Mordashov, started the construction of a large gold mining enterprise at the “Gross” mine located in the Russian Far Eastern Republic of Yakutia. The project is estimated at $250 m.
It will take two years to implement the project, the company’s press office told Construction.RU. Once the enterprise starts to operate at full capacity, about 230,000 ounces of gold will be produced annually over the period of 17 years.
A new gold deposit with ore stock in a volume of 4,4 m ounces and 8,5 m ounces of mineral resources is located in the south west of Yakutia nearby the operating “Neryungri” mining. The production output of the new “Gross” mine will be about 12 m tons.
In 2016, about $125 m is expected to be invested in the project.