Kopy Goldfields AB’s (publ) wholly owned subsidiary
“Through this transaction we expand our operations into Khakassia, which makes another important milestone in Kopy Goldfields’ development. This is a solid project with large exploration and production upside,” said Mikhail Damrin, CEO of
Khakassia is a historical gold mining area with well-developed infrastructure and availability of local skilled personnel. Zolotaya Zvezda has been running heap leach bedrock mining gold projects since the mid 90s. It currently operates three open pit mining projects and multiple exploration sites.
Modernization and extension of Mayskiy processing plant has been initiated in 2022, targeting to increase the capacity to 250 kilo tonnes of ore per annum and upgrade processing method to direct leaching of gold ore. The commissioning of this project is expected in the second half of 2023.
The acquisition will be financed through the group’s available cash sources. The seller is a private owner.
Upon completion of acquisition, which is expected in
Forward-looking statements
This press release contains forward-looking statements that reflect the Company's and the company group's intentions, beliefs, or current expectations about and targets for the Company's and the company group's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company and the group operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. The forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where
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