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Mangazeya plans to increase production by 74% in 2019
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June 7, 2019 - 1:12 pm

Russian translation below

Mangazeya plans to increase production by 74% in 2019

11:07 June 07, 2019
Карьер в Забайкальском крае
© Sputnik / Evgeny Epanchintsev
CHITA, June 7 - RIA Novosti / Prime. Mangazeya Mining Ltd (the Mangazeya group of companies) plans to extract 1.5 tons of gold in 2019, which is 74% more than a year earlier, Sergey Yanchukov, the owner of the Mangazeya group of companies, told the Bulletin of the Gold producer.

This year, approximately 70-75% of the production will come from the Kochkovskoye field, the rest will be produced at Savkinsky. And after the launch of the Nasedkino deposit in 2020 and bringing it to design capacity, the company expects to produce up to 4 tons of gold per year.

In the future, Mangazeya intends to build a mine with a full production cycle at the Kochkovskoye field. Yanchukov did not specify the parameters of the future plant: "Based on the resource base, we understand that this facility will be larger than Nasedkino. Now we are considering several technologies, we will take the final decision in 2020."

In total, since 2015, Mangazeya has invested more than 1 billion rubles in maintaining and expanding the mineral resource base. This money is directed to geological exploration at the Savkino, Kochkovskoye and Nasedkino fields. In 2018 alone, about 300 million rubles were invested in exploration. This year it is planned to have 60 million - a reduction in investment is due to the fact that now the company conducts mainly cameral work. “In the perspective of several years, the reserves of our deposits in Transbaikalia will exceed 100 tons,” emphasizes Yanchukov.

Mangazeya Mining Ltd is a company whose shares are traded on the NEX Board (of TSX Venture Exchange, Toronto). The company owns the enterprises of the gold mining division of the Mangazeya group, which conduct gold mining and geological exploration in the Trans-Baikal Territory. At the end of 2018, Mangazeya increased its gold production by 14% to 27.672 thousand ounces (860.6 kg).

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