By the end of the year Uranium Holding ARMZ (OJSC Atomredmetzoloto) and OJSC Zoloto Seligdara will develop a feasibility study for the project of joint development of the Lunnoye gold, silver and uranium deposit.
Uranium Holding ARMZ (OJSC Atomredmetzoloto), OJSC Zoloto Seligdara and OJSC Seligdar entered into a tripartite agreement on the terms of financing of the Lunnoye gold, silver and uranium deposit joint development project (South Yakutia). The key commercial component of the deposit is gold, while uranium and silver will be mined as by-products. The project will be developed by the joint venture of the Uranium Holding ARMZ and Zoloto Seligdara - CJSC Lunnoye. OJSC Seligdar's authorized advisor in the transaction is the Investment Group Russian Funds.
Pursuant to the agreement the estimated investments in the project will be RUR 1.4 billion up to 2011. Such investments will be used to fund exploration, design and construction of the mining company to undertake a combined extraction of gold, uranium and silver. For the first time ever in Russia the investor of the uranium mining project will be a private company – OJSC Zoloto Seligdara. All uranium produced by CJSC Lunnoye will be sold by Uranium Holding ARMZ, and gold and silver– by OJSC Zoloto Seligdara.
Vadim Zhivov, General Director of the Uranium Holding ARMZ: "This is a pilot project of having an investor in the Russian uranium industry whose objective is to substantially, three times, increase the uranium production by 2015. This project will form a venue for creation and fine tuning of a generic arrangement to work with the investors. The underlying idea of such arrangement is to use private money to develop the domestic uranium mining industry while maintaining control within joint ventures over the uranium business unit of OJSC Atomenergoprom and the State Corporation Rosatom.
Anatoly Labun, General Director of OJSC Seligdar: "This project is part of OJSC Seligdar's strategy to diversify its gold mining operations. OJSC Seligdar has substantial experience in successful implementation, construction and launch of mining companies. Our plans provide for implementation of this project within 3-4 years."
The feasibility study of the comprehensive deposit development project will be prepared by the end of 2008. CJSC Lunnoye expects to start mining in 2010 and reach the target mining level of 1.4 tons of gold per year by 2012.
OJSC Seligdar is a gold mining holding established on the basis of a number of gold mining enterprises with the aggregate gold reserves of 105 tons, current production in 2007 – 2.1 tons, in 2012 the holding's target is to produce 11.2 tons of gold. OJSC Zoloto Seligdara is a wholly owned subsidiary of OJSC Seligdar formed in 2006 to develop Nizhne-Yakoktinskoye ore field (Yakutia).
Investment Group Russian Funds was established in 1999. Members of the Group include IC Prospect, IC Prospect Investments (Ukraine), MC Pallada Asset Management, NPF First National Pension Fund, IC IT Invest. The National Association of Stock Market Participants (NAUFOR) rated IC Prospect among the top twenty Russian investment companies. The stock section of the Moscow Interbank Currency Exchange (MICEX) twice recognized the Group as the best underwriter in the Bond Market nomination. The annual sales of the group exceed $ 4 bln. As of January 1, 2007 the Group had own assets of over $100 mln. and trust funds of over $500 mln. Press Services of the Uranium Holding ARMZ, OJSC Zoloto Seligdara, IG Russian Funds
We use cookies and similar tools across our websites to improve their performance and enhance your user experience.
What are cookies? Cookies are small text files which a website may put on your computer or mobile device when you first visit a site or page. The cookie will help the website, or another website, to recognize your device the next time you visit. Web beacons or other similar files can also do the same thing. We use the term “cookies” in this policy to refer to all files that collect information in this way.
There are many functions cookies serve. For example, they can help us to remember your username and preferences, analyze how well our website is performing, or even allow us to recommend content we believe will be most relevant to you.
Certain cookies contain personal information – for example, if you click to “remember me” when logging in, a cookie will store your username. Most cookies won’t collect information that identifies you, and will instead collect more general information such as how users arrive at and use our websites, or a user’s general location.
Does anyone else use cookies on ARMZ websites? Advertisers sometimes use their own cookies to provide you with targeted advertising. For example, advertisers may use a profile they have built on sites that you have previously visited to present you with more relevant advertisements during your visit to our site. We believe that it is useful to our users to see advertisements that are more relevant to their interests. If you are based in the European Union and would like to learn more about how advertisers use these types of cookies or to choose not to receive them, please visit www.youronlinechoices.eu.
We also use or allow third parties to serve cookies that fall into the four categories above. For example, like many companies, we use Google Analytics to help us monitor our website
traffic. We may also enable third parties to serve cookies to help to identify fraudulent or non-human traffic on some of our websites. We may also use third party cookies to help us with market research, revenue tracking, improving site functionality and monitoring compliance with our terms and conditions and copyright policy.
Can a website user block cookies? As we’ve explained above, cookies help you to get the most out of our websites. However, if you do wish to disable our cookies then please follow the instructions on https://www.wikihow.com/Disable-Cookies. Please remember that if you do choose to disable cookies, you may find that certain sections of our website do not work properly.
Do we track whether users open our emails? Our emails may contain a single, campaign-unique “web beacon pixel” to tell us whether, and how many times, our emails are opened and verify any clicks through to links or advertisements within the email. We may use this information for purposes including determining which of our emails are more interesting to users, to query whether users who do not open our emails wish to continue receiving them, to check that content is being used in accordance with our terms and conditions, and to inform our advertisers in aggregate how many users have clicked on their advertisements. The pixel will be deleted when you delete the email. If you do not wish the pixel to be downloaded to your device, you should select to receive emails from us in plain text rather than HTML.