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"Mangazeya in 2016 expects to double gold production by acquiring new assets"
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January 15, 2016 - 4:57 pm

Russian to English Google Translation

"Mangazeya" in 2016 expects to double gold production by acquiring new assets

Companies Mangazeya Mining Ltd ("Mangazeya" gold miner in the Trans-Baikal region) in 2016 expects to double its gold output and bring it up to 2 tons in comparison with the plans for 2015 mainly due to the acquisition of core assets in the region of presence. Told reporters CEO and main owner of the group "Mangazeya" Sergei Yanchukov.

According to him, in the next 3-5 years the company plans to increase the number of gold mining assets and to increase gold production to 10 tons per year. After that, the company will consider the possibility of placing shares on exchanges in Hong Kong or Shanghai, is now "Mangazeya" is listed in Canada, which plans to maintain said Yanchukov.

"The significant increase in production is planned mainly due to the acquisition of operating assets in the regions of our presence. The financing transactions will be carried out at the expense of own and borrowed funds. Production growth of up to 2 tonnes, we are already seeing, and waiting for the closing of the transaction. We look at any assets in gold in terms of its operational efficiency, security of supplies, as well as potential synergies with our existing assets. While we focus on the Trans-Baikal region. When it comes to larger projects, it is likely we will appeal to the large Russian banks such as Sberbank and VTB, which already have extensive experience of investment in mining », - said Yanchukov.

Now the company is a producer of precious metals in the field Savkins Transbaikalia. Among the priority development projects - construction of a mine at the deposit Nasedkin.

"Construction expect to start in the 2nd half of 2016. Prior to 2018 it planned to build a plant capacity of 500 thousand tons of ore per year, with volume production in the 1.5-1.7 tonnes of gold per year. Total investment in the project, depending on the version that we will adopt, is estimated at 10-40 million dollars ", - said Yanchukov.

Sukhoi Log is not interesting

Regarding the possible participation in the development of the largest gold deposit Sukhoi Log, the auction for which is scheduled for 2016, Yanchukov noted that in spite of the joint venture with the State Corporation "Rostec", which intends to participate in this auction, "Mangazeya" has no plans to participate in this project.

"We do not have that kind of money even close. I'm not sure that some of the Russian players will be able to master the Sukhoi Log alone, "- said Yanchukov, responding to a question about possible participation in the development of Sukhoi Log.

Capitalization grow

In addition to gold deposits Savkinskoe company "Mangazeya" engaged in exploration of gold deposits Nasedkin and exploration on Zolinsko-Arkiinskoy areas which are also located in the Trans-Baikal Territory.

In addition, the management of "Mangazeya" is JSC "Mogochinsky mining company" - a joint venture between GC "Mangazeya" and the state corporation "Rostec", in which 25% plus 1 share owned by "PT Global Resources" (a subsidiary of "Rostec") and 75% minus 1 share - GC "Mangazeya." The company will develop gold deposits in the area of ​​Trans-Baikal Territory Mogochinsky.

Yanchukov evaluates the current capitalization of the company "Mangazeya" in the amount of approximately $ 50 million, while for 2015 the company's capitalization is estimated on the Toronto Stock Exchange in the range of 12-25 million dollars.

For 9 months of 2015 "Mangazeya 'revenues increased 4-fold, to 21 million dollars. Gold production for the period increased by almost three times - up to 650 kg. EBITDA grew to about $ 8 million, compared with its negative index in the same period last year.

At present the total reserves of gold "Mangazeya" is 32 tonnes (10 tons - Savkinskoe, 21.2 tons - Nasedkin).

Investments in exploration in 2015 will exceed 100 million rubles. It is expected to increase gold reserves by 17 tonnes and resources - another 15 tons. In 2016, the exploration planned to send about 300 million rubles.
Russian news agency TASS


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