Armenian company acquires Solway’s projects in Russia

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13.06.2022, 09:05

A recently established Armenian company has acquired a gold mining project developing the waste dumps of the Klyuchevskoye deposit in Russian Transbaikalia and an operating gold and silver mine on the Kuril Islands (KurilGeo), owned previously by the Solway Investment Group, GmbH, Russian news agency Interfax reported.

Armenian company acquires Solway’s projects in Russia

YEREVAN, June 13. /ARKA. A recently established Armenian company has acquired a gold mining project developing the waste dumps of the Klyuchevskoye deposit in Russian Transbaikalia and an operating gold and silver mine on the Kuril Islands (KurilGeo), owned previously by the Solway Investment Group, GmbH, Russian news agency Interfax reported.

The Solway Investment Group, GmbH, a private international mining and metals group located in Switzerland, exited all its Russian projects in early March.

According to Russia’s Unified State Register of Legal Entities, the new owner of the projects is the Armenian company called Far East Gold. According to the Armenian Justice Ministry's State Register of Legal Entities, Far East Gold was registered on April 4, 2022.

According to the Union of Gold Producers of Russia estimates, Kurilgeo is one of the top 35 Russian gold companies that produced 1.23 tons of gold in 2021. The company's main asset is the Ainskoe deposit on the island of Urup, which includes several gold and silver deposits.

A project at the Kliuchevskoe dumps with reserves of 12.1 tons of gold and 11.7 tons of silver is under development and is expected to be commissioned in the fourth quarter of 2023, the annual capacity of the complex will be 2 million tons of ore.

In early March, Solway reported that "despite the limited investment and operating activities in Russia, it is exiting all its projects in Russia’ in response to Russian special operation in Ukraine.

Solway's main production assets are located in Macedonia, Guatemala, Indonesia, Argentina and Ukraine.--0-

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