GV Gold and the Irkutsk Region’s Investment Development Agency Signed the Investment Projects Administration Agreement
GV Gold (Vysochaishy, PJSC) and the independent nonprofit organization Irkutsk Region’s Investment Development Agency (INO IRIDA) signed the agreement on administration of the GV Gold’s investment projects in the Irkutsk Region based on the “one contact” principle.
A liaison protocol based on the “one contact” principle will allow to improve the efficiency of the Company’s cooperation with the state authorities at the implementation of the Svetlovskoye deposit development project in the Bodaibo District.
GV Gold highly estimates the deposit’s potential: after the mine attains its design capacity, it will be able to produce up to three tons of gold per year. The indicative scope of investments is c. RUB 17 B including the state support.
Launching of the Svetlovskoye deposit has significance for the social and economic development of the region. New mine will create new jobs in the locality equated to the Far North: c. 1,000 jobs at the mine’s facilities and more than 500 jobs in the related sectors. Tax contributions to the budgets of all levels are estimated at more than RUB 10 B.
“This investment project is very important for us since the implementation thereof will significantly promote the social and economic development of the northern territories of the region. A number of federal and regional state support measures should be applied to this project to make it even more efficient. The government of the Irkutsk Region and the Agency will jointly prepare a complex of such measures”, - noted the CEO of the Irkutsk Region’s Investment Development Agency Yana Shevchenko.
In June 2020, the Svetlovskoye deposit development project was presented at the investment council of the Governor of the Irkutsk Region. Based on the review thereof, this project was recommended for inclusion in the list of participants of the regional investment projects. It will also be included into the list of the Irkutsk Region’s projects to be reviewed by the workgroup for promotion of the new investment projects in accordance with the Resolution № 1093 of the Government of Russia dated September 15, 2028. It will allow the region to qualify for the federal funds for the project support.
GV Gold (Vysochaishy, PJSC) is one of the fastest growing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2019, its assets produced 260 koz of gold.
GV Gold’s 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%).