December 14, 2015, Akmola region, city of Schuchinsk. RG Gold LLP a Kazakhstan gold mining company (previously - Raygorodok LLP) is pleased to announce that by smelting the first ton of gold in 2015, the company increased its gold production by over 75% compared to 2014. To achieve this production level in addition to North Raygorodok open pit, this year, the company started production at the open pit of South Raygorodok, increased the capacity of crushing and screening unit and the hydrometallurgical plant.
The main part of the capacity extension was financed by a bank loan raised under the FIID program. The company joined the program at the end of 2014, by entering into a commitment to increase the volume of gold production up to 1 ton per year and to create 90 new jobs. RG Gold LLP is successfully fulfilling its obligations both in terms of production, and job creation. Since the implementation of the project the company has created over 220 permanent jobs.
During the period of 2014-2015, the company invested over 1.5 bln. tenge in the expansion of capacity, and about 1.3 bln. tenge in the exploration. These investments provide the basis for long-term productivity of the company. Based on the results of the exploration work it is expected to increase gold reserves from the current volume of 36 tons to 85 tons in 2017. The Company and the contractors are carrying out an extensive program of drilling, which preliminary results confirm the high potential of deposits being developed.
In 2015, as part of the development of draft technological regulations for future gold extraction plant, there were tests to enrich the oxidized and primary rocks of the deposits of North Raygorodok and South Raygorodok. The results showed the potential extraction of up to 95% of the gold under laboratory conditions by ore leaching following the pre-crushing. Ores of the deposit are marked by a high degree of free gold and low sulfide content, which allows for processing the oxidized and primary ores at the plant with the maximum efficiency.
Following the completion of the geological exploration, the company plans to count reserves as per international standards and to commence the construction of a gold processing plant.
Serik Syzdykov, General Director of RG Gold LLP: «I am happy that our company has performed an ambitious plan to reach the production capacity of one ton gold per year. This was possible thanks to the fruitful work of the staff of the company, and support by Verny Capital the parent company and state support through the FIID program. Despite the decline in gold prices and the economic crisis in the country, we have created 220 new jobs, look confidently to the future and set ourselves even more ambitious goals”.
Davron Rustamkulov, Deputy Director General for Investment of Verny Capital Group: “We are pleased with the progress of the project. RG Gold is a project of our company, having all factors to become a successful investment: a high potential of rise in value, strong management team and high profitability. We look forward to implementing the potential of the company and will be happy to introduce RG Gold to the market at the right time”.
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