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Wednesday, August 5th, 2020

E Kazakhstan rgn develops Kyzyl gold deposit


The project will create hundreds of jobs in East Kazakhstan region and will promote the implementation of the highest international standards in this sector.

President of the EBRD Sum Chakrabarti, President of Polymetal UK Igor Finogenov signed a project on the margins of the 30th plenary session of the Foreign Investors Council in Astana.

We are deeply committed to the economic development of the remote regions of Kazakhstan. The Kyzyl project will bring innovations, new technologies and new jobs to East Kazakhstan region. We look forward to an opportunity to start working with Polymetal on improving opportunities for young people and women in this country, the President of the EBRD said.

In accordance with the plan for the implementation of this EBRD financing, the majority of new jobs will be received by residents of nearby settlements. After putting this facility into operation, it will employ about 1,000 people, including 400 new jobs.

This deal underscores Polymetal’s commitment to the sustainable development through the implementation of EBRD’s best practices in the field of environmental protection and social sphere for the development and subsequent operation of Kyzyl, Vitaly Nesis, a Chief Executive Officer of Polymetal Group, said.

It is worth noting, Bakyrchikskoe Mining Company LLP is a 100% subsidiary of PolymetalInternational PLC, which produces precious metals.

Let us note that Kyzyl is a large world-class deposit with gold ore reserves, according to internationally recognized estimates, at a rate of 7.3 million ounces with an average grade of 7.7 grams per ton and a service life of 22 years. It is expected that, after reaching the full project production capacity, the production will amount to more than 300,000 ounces of gold per year, while extraction will be conducted in an open manner for 10 years.

Source: Kazakhstan 2050