RG Gold to quadruple output with new $420m processing plant
Kazakhstan gold miner RG Gold launched a new $420-million processing plant, which will enable the company to quadruple its output to 190 000 troy ounces in 2023.
The new five-million-ton-a-year plant deploys carbon-in-pulp technology, which uses coal particles during leaching to extract gold from low-grade ore at a low cost. The plant has been designed and constructed in accordance with all international safety and environmental requirements.
RG Gold, majority owned by private equity group Verny Capital, operates RayGorodok deposit in northern Kazakhstan, one of the country’s biggest mines with 5.9-million ounces of gold reserves. Its output is set to exceed 50 000 troy ounces this year.
“The launch of the new processing plant is a key milestone for RG Gold. It is underpinned by the highest global industry standards using the latest innovation and technical expertise from Resource Capital Funds, our strategic partner. The new plant allows us not only to quadruple RG Gold’s overall output, but importantly, it also provides the opportunity to boost investment in the region,” Bulat Utemuratov, a key investor in Verny Capital projects, said.
The company has hired additional staff for the construction and maintenance of the plant, and RG Gold now provides jobs for about 1 200 people.
Martin Valdes, partner at Resource Capital Funds, said: “We invested in RG Gold in 2018. It was the first time that we invested in Kazakhstan as a firm, and from the very beginning of the due diligence process, we were impressed with the quality of the people, the quality of the institutions, and the commitment from everyone to do mining in a very environmentally friendly way and with the best interest of all stakeholders in front of everything else, especially for the local communities. RG Gold’s new production facility was built to leading industry standards which will enable the company to gain access to further growth and expansion.”
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