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VTB finances Susumanzoloto’s gold enrichment project

4 April 2016


VTB Bank has approved a RUB 3 bn loan facility for the Susuman Mining Complex (Susumanzoloto) for a seven-year period. The loan will be used to finance the new season of gold mining and the construction of an enrichment plant at the Verkhne-Aliinskoye gold ore deposit in the Trans-Baikal region. The company has taken out RUB 660 mn of the loan facility.

Mikhail Oseevskiy, Deputy President and Chairman of VTB Bank Management Board, said: “VTB has provided finance to gold mining companies in the Russian Far East for over 15 years. By offering attractive financing terms, we are able to meet mining companies’ investment requirements, providing long-term loans for exploration and development projects and modernisation of their production facilities.”

Vladimir Khristov, Chairman of the Board of Directors of Susumanzoloto, said: “Over the past ten years, we have continuously improved gold mining production by increasing the volume of enrichment, introducing cutting-edge technologies and modern equipment while mining better quality ores. The construction of an enrichment plant at the Verkhne-Aliinskoye gold ore deposit in the Trans-Baikal region is part of our development strategy, which includes expansion to other regions, leading to a considerable increase in output.”

Susumanzoloto is one of Russia’s top 10 gold mining companies. The company has licences to develop placer and lode gold deposits in the Susuman, Tenkinsky, Khasynsky and Yagodnoye districts in the Magadan region. It has 50 mining licences, and its placer and lode gold deposits are estimated at 31 tonnes of ore. In 2015, Susumanzoloto produced 4.234 tonnes of gold.

In addition to lending funds for Susumanzoloto’s ongoing projects, VTB Bank will also buy 800 kilogrammes of gold from its subsidiaries.

The Susuman Mining Complex (Susumanzoloto) is a diversified gold mining company, which conducts the full production cycle of operations, from mining and development to the enrichment of gold concentrate at its gold processing and concentration plants.

Susumanzoloto has been producing gold for over 70 years and was the first to start mining placer gold in permafrost and to apply blasting technique for stripping. Company engineers have designed jet guns that are used by many other companies around Russia.

The company’s Verkhne-Aliinskoye gold ore deposit in the Trans-Baikal region is located 30 kilometres outside of the town of Baley. The deposit’s C1 reserves are estimated at 1.6 mn tonnes of ore, 21 tonnes of gold ore with an average grade of 13 grams per tonne. The deposit’s ore also contains copper, bismuth, arsenic, antimony, lead and zinc.

lending, gold

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