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GV Gold will get the Subsidy for Taryn Mine Power Line Construction

The Chairman of the Government of the Russian Federation Dmitry Medvedev signed a directive on provision of the subsidy funds for new power line “Nera-Olchan” — “Plant” construction within the framework of establishment of Taryn Mine infrastructure in the Oimyakon Area of the Republic of Sakha (Yakutia).

A resolution on distribution of the federal budget funds for the new 90 km power line construction was made as the meeting of a subcommittee for implementation of investment projects in the Far East and the Baikal Region of the government committee for the social and economic development. GV Gold will get the funding in the amount of RUB 638 million. The funding will be provided within the framework of redistribution of the funds as the result of replacement of the infrastructural facility for the construction of which the infrastructural state subsidy has been provided. The investor (GV Gold) requested to retarget the funds allocated for reconstruction of a motor road for construction of the high voltage power line VL-35 kV and the step-down substation 35/6 kV.

Taryn Mine was launched in September 2017. Processing capacities of the mill total 700 kt of ore p.a. The mine power supply is currently effected with two power lines “Nera-Nelkan” and “Nera-Drazhny”, constructed in 1952 and 1986. Owing to a significant wear of the lines, power shutdowns, undervoltages and overvoltages take place at the Mine resulting in the downtime of the mill.

Construction of the new high voltage power line VL 35 kV “Nera-Olchan” — “Mill” will allow to provide an uninterrupted power supply of the acting enterprise, its further development, including construction of the second stage of the mine, will promote a ramp up of the production capacities from 700 to 1,900 kt of ore p.a. and will allow to create more than 100 jobs by 2022-2023.

Company Profile

GV Gold (Vysochaishy, PJSC) is one of largest and fastest growing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2017, the Company produced 225 koz of gold, becoming the 7th largest gold miner in Russia. In 2018, the Company expects to produce 280-300 koz.

Its key operating assets are located in the Irkutsk Region and the Republic of Sakha (Yakutia). The Company operates four mines with a total capacity of 8 mtpa of ore and holds 20 mining and exploration licenses. GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 4.4 moz and 7.0 moz, respectively.

The Company adheres to high corporate governance standards and has a transparent ownership structure, with BlackRock among its shareholders (17.99%).

For further information, please visit http://gvgold.ru