Gold mining company. Foreign companies in Russian gold mining. Mining company "Berelekh"

Mining precious metals is almost one of the main sources of income for Russia. After the crisis year of 1998, there is again a noticeable upward trend in the gold mining industry. According to Rosstat estimates, gold production in 2012 increased by an average of 7.4% compared to the previous year. So, in 2011, the Russian Federation mined about 212 tons of this precious metal.

Consumers of Russian gold

The lion's share of mined gold is supplied to the domestic market and purchased by a Russian buyer. By the way, the latter considers investing in physical gold to be the most reliable and safe way of saving and preserving accumulated funds. The largest amounts of gold mined are consumed by the jewelry industry. The possibility of hereditary transfer of items made of precious metal makes this type of investment even more attractive for the Russian buyer.

The reserve fund of any bank has a gold component. Gold is kept as an emergency reserve in case of financial turmoil. It is gold in the form of insurance reserve fund maintains the stability of the financial system of states. At present, the total state gold reserves of the IMF and other national banks are over 30 thousand tons.

Participation of foreign companies

Only a small part of the Russian gold mined is sent abroad. Export licenses have 2 russian companies - Polyus Gold and Polymetal. The participation of foreign firms in the development of gold deposits is carried out in partnership with domestic financial institutions and is strictly regulated by the current legislation of the Russian Federation.

Modern Russian gold miners - what are they?

In general, the leading gold mining companies in Russia have already outstripped such countries as Great Britain, Japan and India in terms of development rates. And in the ranking of the largest gold reserves, Russia occupies an honorable sixth place.

The most profitable are gold mines located in the Magadan, Irkutsk regions, in the Krasnoyarsk Territory and on Far East.

The largest companies present there account for more than 60% of all Russian precious metal mining. Leadership in the industry continues to be held by the giant corporations Polyus Gold and Severstal.

About industry leaders

Polyus Gold is the world's largest developer of placer and ore deposits in the Krasnoyarsk Territory, Irkutsk, Magadan and Amur Regions. The company does not stop exploration work, is developing dynamically, and provides the population with jobs. About 1,680 thousand troy ounces of gold in 2012 alone is an excellent indicator of the efficiency of the leading company.

The largest metallurgical company OAO Severstal has been actively expanding its gold mining segment since 2007, acquiring more and more new gold mining assets. Thus, Severstal already includes Celtic Resources Holdings, Nord Gold, and the Northern Gold Ore Company. Since 2008, it also owns a controlling stake (50.1%) in High River Gold, which trades shares on the Toronto Stock Exchange, which conducts exploration in Russia, and Burkina Faso, which owns successful mines. Severstal-Resurs holds licenses for the development of a number of gold-bearing areas in Transbaikalia, Buryatia and Irkutsk Oblast. Such vigorous activity on the purchase of assets and the figure of 589 thousand ounces of gold in 2011 allowed the company to take a well-deserved leading position in terms of metal production.

The industry leaders also include the Petropavlovsk group of companies, which specializes in the development of deposits in the Amur Region, the Yamalo-Nenets Autonomous District and the Jewish Autonomous Region. In addition to gold mining, the group includes construction, metallurgical enterprises, as well as design and research divisions. A permanent participant in trading on the London Stock Exchange, the Petropavlovsk Group of Companies continues to increase the turnover of its gold mining.

Polymetal is the largest Russian silver producer. Being very successful in its niche, the company is steadily increasing the pace in gold mining. The enterprise is successfully developing mines in Magadan, Krasnoyarsk, Sverdlovsk regions, Khabarovsk Territory. Independent implementation of the whole range of measures for the commissioning of gold-bearing deposits, including exploration and construction works, allowed the corporation to increase gold production compared to 2011 by 33%.

OJSC Vysochaishy (GV Gold), one of the ten largest Russian gold mining companies, at the end of 2012 also showed significant - up to 18% - growth rates of metal production. The company's management expects that the recent purchase of the latest Japanese equipment will significantly reduce the cost of production and, possibly, approach the indicators of the leading corporations in this industry.

As you know, the resource-extracting industry in Russia is currently one of the most developed and brings a lot of money to the country's budget. Undoubtedly, the leading position among such industries is occupied by the oil industry, however, gold mining is one of the most important sources of government funding. Currently, there are over 500 gold mining companies operating in Russia. Powerful resource bases located on the territory of Krasnoyarsk, Zabaikalsk, Khabarovsk Territories, Chukotka Autonomous Okrug, Magadan, Irkutsk, Chelyabinsk, Chita, Amur Regions, the Republics of Sakha (Yakutia) and Khakassia, as well as other Siberian regions, make it possible to extract precious metal in huge quantities ... At the moment, Russia ranks second in the world in terms of gold production, second only to China in this indicator.

The largest companies specializing in gold mining in Russia:

PJSC "Polyus Gold"

The company was founded in 2006 and currently accounts for about 20% of all gold production in the country. The main fields developed by the company are located in the Magadan, Amur, Irkutsk regions, as well as in the Krasnoyarsk Territory.

GC "Petropavlovsk"

The company is registered in the UK, its head office is located in London. However, the main assets of the group are located in Russia, on the territory of the Amur Region. GC "Petropavlovsk" was founded in 1994; during its existence, several projects have been implemented to develop new deposits and commission the latest gold mining installations.

Chukotka Mining and Geological Company CJSC

In 2002, the CJSC was acquired by the Canadian company Kinross Gold. The main site for gold mining is the Kupol deposit, located on the border of the Anadyr and Bilibinsky regions of the Chukotka Autonomous Okrug.

Group of companies "Polymetal"

Founded in 1998, currently the parent company is registered on about. Jersey, headquartered in St. Petersburg. Ranks fourth in terms of gold production in Russia. The main regions of work are Khabarovsk Territory, Magadan and Sverdlovsk Regions and Chukotka. In addition, the company owns a number of fields located in Kazakhstan.

The company was founded in 2007 as a subsidiary of Severstal, specializing in gold mining in Russia and abroad. The company holds six licenses for geological exploration in Eastern Siberia.

Highland Gold Mining

It is a subsidiary of the Canadian mining company Barrick Gold, registered in 2002 in the Channel Islands. The main direction of his activity is the development of gold deposits, the consolidation and development of gold mining enterprises in Russia. Work is being carried out on the territory of the Chita region, the Chukotka Autonomous Okrug, and the Khabarovsk Territory.

PJSC "Yuzhuralzoloto GC"

The company was founded in 1997 on the basis of the bankrupt enterprise OJSC Yuzhuralzoloto, which has been operating since 1976. Currently, mines and deposits are being developed located in Khakassia, Chelyabinsk region, Krasnoyarsk and Trans-Baikal Territories.

PJSC "Vysochaishy"

The beginning of the company's activity dates back to 1989, when the development of the Golets Vysochaishy deposit began in the Irkutsk Region. Currently, the main places of gold ore mining are concentrated in the Republic of Sakha (Yakutia) and the Irkutsk region. The headquarters of the company is located in Russia, in the city of Bodaibo.

LLC "Sovrudnik"

The enterprise is based on the territory of the Krasnoyarsk Territory, occupying the second place in it in terms of gold production. The company is part of the Yuzhuralzolto holding and for over 100 years has been efficiently involved in the extraction of gold from ore and its subsequent processing into ingots.

PJSC "Susumanzoloto"

The company was founded in 1994 on the basis of a gold mining enterprise operating in the Magadan Region since 1938. Currently, the holding has several subsidiaries specializing in conducting activities in certain areas of gold mining and processing.

Holding "Seligdar"

The holding is based in the Republic of Sakha (Yakutia) and specializes in the extraction of precious metal ores and sands. The company was founded in 2008 on the basis of the Seligdar Prospectors' Artel, founded in 1975. Currently, the holding includes 8 enterprises engaged in gold mining.

Vitim AS CJSC

The enterprise is located in the Irkutsk region and ranks third in terms of gold production in the region. The beginning of the company's activity dates back to 1974, when an artel was created at the Lenzoloto combine to work on distant deposits in the taiga. In the 90s of the 20th century, the Artel separated from the parent enterprise, starting an independent activity for the extraction and processing of gold ore.

PJSC "Mine Karalveem"

The Karalveemskoye gold deposit began operations in 1957. For more than half a century of the existence of the mine, a factory with workshops of various production directions was built on the basis of the deposit. In 2006, the design of a new gold mining plant was launched, and in 2007 the first gold was mined with its help. Today the mine, which is part of the Golden Projects group of companies, is one of the largest gold mining enterprises in the Bilibino region of the Chukotka Autonomous Okrug.

Mining company "Berelekh"

Founded in 1997 on the basis of Berelekhsky GOK, which was one of the largest mining enterprises in the Magadan Region. Today the company is mining gold ore in the Susumansky, Yagodninsky and Khasynsky districts of the region. The company has eight divisions, each of which is engaged in the development of subsoil in a separate territory.

PJSC "Gold of Kamchatka"

The company is the largest gold mine in the Kamchatka Territory. Joint-stock company was established in 2007 as a result of the reorganization of Koryakgeoldobycha CJSC, which carries out gold mining activities. Today the company has several subsidiaries, the functioning program of which makes it possible to implement a long-term strategy for the development of the gold mining and processing business.

Despite the fact that the participation of foreign industrial and financial companies in the economic life of modern Russia is a relatively new phenomenon and has been going on for just over ten years, the analysis of the experience accumulated during this time is of considerable interest.

During the Soviet period of Russian history, foreign companies were not allowed to extract minerals. The exception was the first few post-revolutionary years, during which the concession of several mineral deposits, including gold-bearing ones, was allowed.

The peak of concession activities fell on the period from 1925 to 1926, when the number of such enterprises reached 82. True, foreign capital showed the greatest interest in the metalworking, light and food industries. Their attractiveness was explained by the simplicity of the sale of products in the world markets, the rapidity of capital turnover. But the Soviet mining industry was not ignored either. In a number of its subsectors, the importance of concessions was quite high. So, by the end of 1927, they mined more than 62% of lead, 40% of manganese, 35% of gold, about 12% of copper.

In 1925, the government issued a concession for gold mining in the Bodaibo District of the Irkutsk Region for a period of 30 years to the English company Lena Goldfields. (It was a very large concession - investments of foreign capital amounted to 13 million rubles). However, the work of this company was found unsatisfactory, and already in 1930 the concession was terminated. However, in fairness, it should be noted that on the part of local authorities there was often a mistrustful, picky, and sometimes even hostile attitude towards concession enterprises.

So, during the transfer of the same "Lene-Goldfields" factories and mines, part of the property to be transferred was deliberately removed, part of the buildings was not transferred, inventory books were hidden. The concessionaires had a conflict with the administrative authorities, who did not timely provide the mines with the necessary protection and did not take measures to combat banditry. As a result, the concessionaire filed a claim against the State Concession Committee in the amount of 800 thousand rubles. (And today the attitude to this form of attracting foreign capital is ambiguous. For example, Viktor Tarakanovsky, chairman of the Union of Prospectors of Russia, based on his own many years of experience in gold mining, believes that the concession form of transferring deposits to foreign companies for use is ineffective. In his opinion, concessionaires are often inclined to predatory development of deposits, do not care about the conduct of geological exploration).

In later periods, when gold mining was carried out by state-owned gold mining enterprises, contacts with foreign companies were mainly limited to the purchase of high-performance mining equipment for the development of large and super-large mineral deposits, including gold (Muruntau, Kular, Kalmakyr, etc.).

In the 90s of the last century, with the change in the social system in the former Soviet republics, against the background of ever more open economies, the interest of European and North American companies in the raw materials sectors of the economy of the CIS countries increased sharply. This is primarily due to the depletion of raw materials in most developed and many developing countries and the presence of a large number of gold deposits in Russia and the CIS countries.

It should be noted that today the movement is not one-sided - Russian gold miners also have their financial and industrial interests in other countries and are no less interested in expanding cooperation than their foreign partners.

Investors and investments - the first wave

In the early 90s, the Russian gold mining industry was engulfed in a crisis that led not only to significant losses of gold and foreign exchange reserves, but also provoked many social problems, which put thousands of industry workers in a very difficult situation. The reasons for this situation were the inadequacy of the structure of the industry, created in the conditions of a planned economy, the organization of its management and financing to the new economic conditions, and in addition, excessively high taxes, soaring prices for materials and services, and the underdevelopment of the gold market. A particularly negative role was played by value added tax and customs payments for imported equipment, which significantly increased the cost of mined metal. If we talk about the strategy for the development of the industry, then back in the days of the USSR, such contradictions as the predominant mining of gold from rapidly drying up placers with a significant predominance of metal reserves in ore deposits and priority financing of the development of ore deposits in the Asian and Caucasian republics with limited investment in Russia.

After the 1998 default, some stabilization took place in the Russian gold mining industry. The long-term decline in metal production was stopped, thanks to the commissioning of new capacities, primarily at ore deposits (Olympiada, Kubaka), with a decrease in mining from placers. At the same time, the development of the largest field, Sukhoi Log, has been delayed for many years for a number of reasons, including the undeveloped legal framework for attracting foreign investment. It should be noted that during the 90s the Russian economy did not have free financial reserves that could be invested in the development of raw materials. (And even if they are currently available, domestic investors are in no hurry to invest in exploration and production of minerals).

The first wave of the arrival of foreign mining companies in gold mining in Russia and other CIS countries was timed to coincide with the 90s. At that time, in Russia and in the Asian republics of the CIS, up to 80 companies from the USA, Australia and Canada were prospecting or carrying out the design and development of metal deposits, primarily gold.

The first experience of foreign companies operating in the vast expanses of the post-Soviet space was not very successful for most. Many of the companies that connected assets of deposits in Russia and other CIS countries increased their reserves and capitalization, entered international markets with shares, but ... at the same time, they ceased their activities in the CIS countries. Reason: in working conditions, lack of incentives to expand activities. Russia at that time was distinguished by too high risks, an unstable political situation, a complex and unstable taxation system with an extremely high level of taxes and payments, a growing bureaucratic system of government with greedy corrupt officials.

In addition, at the same time, there was a permanent decline in the price of gold on world markets at a high cost of its production. All this together led to the withdrawal of many foreign companies from Russian gold mining. Among them were such large companies with significant foreign assets as RTZ (Great Britain), Cyprus Amax, Echo Bay Mines and Newmont (all of North America), Troy Resources (Australia), Pan American Silver and even Barrick Gold (Canada). The deposits abandoned by the departing companies began to be exploited by other companies or joint ventures after several years. Some companies returned, some wanted to return, but this was not possible. So, the Australian Mining Star did not get such an opportunity, which at one time left Sukhoi Log as an unpromising object.

So, only a few foreign companies managed to stay in Russian gold mining from the 1990s to the early 2000s. Besides high level organization of work and willingness to patiently wait for better times, their stability was largely facilitated by the successful choice of fields.

A striking example of the combination of these factors is gold mining by the joint Russian-Canadian OJSC Omolon Gold Ore Company (OZRK) at the Kubaka deposit (Magadan Region). Currently, the Canadian side is represented in the joint venture by the Kinross corporation.

OZRK was established in 1993 by the Canadian Cyprus Amax (53.7% of shares) and several Russian companies. Later, the holding was reorganized into Kinross Corp., which currently owns 98.1% of the shares of Omolon Gold Ore Company. In the same year, OZRK won a tender for the development of the Kubaka field. At the end of 1997, the first Kubaka gold (in the Dore alloy) was obtained, which marked the first experience of successful cooperation between a private Russian mining company and Canadian colleagues. This was ensured by the creation of a modern production complex and a competent solution to social issues. The main part of the exploited technological equipment supplied to the mine from the USA. For the implementation of the project for the development of Kubaka, 185 million dollars were raised from various sources

An enterprise operating at the level of world standards is of great social and economic importance for the region and the Russian gold mining industry as a whole. The Kubakinsky mine compares favorably with other enterprises in the region both in terms of production indicators (gold production per employee and high metal recovery from ore using traditional cyanidation technology), and in terms of working and resting conditions for personnel, and the level of wages.

OZRK produced 12-13 tons of gold annually, maintaining this level of production even during the period of minimum world gold prices. But since 2003, the depletion of Kubaka's reserves began to appear, which immediately affected the total production of not only the Magadan region, but also Russian gold mining in general. In 2004, about 4 tons of gold were mined here, in 2005 - 4.7 tons.

According to information from the company's management, it was planned to liquidate the enterprise after the development of the pilot quarry at Birkachan was completed, the ore body in the Central Zone was mined underground and the processing of ore from the Kubaka dumps was completed. However, according to the latest information, today there is no question of liquidating the "OZRK". It is known from the materials of NBLzoloto that Kinross Gold received the rights to develop the Oroch and Perekatnoye gold deposits in the Magadan region. In addition, the development of the Kubaka and Birkachan gold deposits will continue. The Oroch deposit is located in the Severo-Evensky region, 80 kilometers south of the Kubaka mine. The total estimate of the explored reserves and probable resources of gold here is more than 30 tons, silver - 1.5 thousand tons. Gold reserves at Birkachan are 33 tons with an average grade of 15 g / t. There are good prospects for identifying a field close to Kubaka in size. In 1999-2000 OZRK has already carried out search work there, and in 2001 - appraisal work.

In 2006, the company focused its exploration activities on the exploration of open pit reserves and the assessment of the flanks of Birkachan. According to the URM in the Magadan region, for these purposes it spent over 200 million rubles. Cooperation with the Canadian side made it possible to create a modern ore mining and metal recovery complex at the deposit. The success of the enterprise was largely ensured by the compact placement of ore bodies, significant reserves and high gold and silver grades. Thus, the initial total reserves of gold at the deposit amounted to 83 tons of gold with an average grade of 16.4 g / t (in high-grade reserves - 20.9 g / t). A full replacement for Kubaka has not yet been explored either in the Magadan Region or in other regions of Russia. Prospects for the replenishment of Kubaka's spent resources for the industry as a whole are currently associated with the exploration of gold bodies of the Kupolnoye ore field in Chukotka and the Blagodatnoye deposit in the Krasnoyarsk Territory, which are also characterized by large reserves and high gold content. The experience of developing new fields accumulated by OZRK is useful for other joint ventures, since Kubaka is really a new and positive phenomenon in the life of the extreme North-East of Russia.

Bema Gold Corporation (BGC) is one of the few firms that have stalled in Russia since the 90s. last century. The world average multinational company, whose enterprises conduct exploration and development of gold deposits in Russia, South Africa, Chile and Canada, is registered in Canada. She has been working in Russia since June 1998, after she acquired 79% of the assets of the project for the development of the rich gold-silver deposit Juliet (the mine was launched in 2001) as part of a joint venture with Russian partners (CJSC Omsukchan Mining and Geological Company). In the construction of the Juliet mine for 9 months 2000-2001. $ 23 million were invested. USA.

Bema also carries out a large amount of geological exploration and is successfully increasing reserves at the Kupol field in Chukotka. (In 2002, she bought out 75% of the shares in this field). Exploration of the Kupol deposit in Chukotka is another example of successful cooperation between Canadian and Russian gold miners. Geological exploration work there is carried out by the joint venture CJSC Chukotka Mining and Geological Company, a controlling stake (75%) of which is owned by Bema Gold.

Both deposits are distinguished by a high grade of gold and silver in the ore (Juliet - 24.7 g / t Au and 407.5 g / t Ag, Kupol - 18.4 g / t Au and 243 g / t Ag). According to the Union of Gold Producers, in 2003, the Juliet mine produced 3.6 tons of gold at a price of $ 148 per ounce or $ 3.79 per gram, in 2005 - 2.8 tons. Commercial gold mining at Kupol is planned to begin in 2007 d. The projected level of annual production will be 14.5 tons of gold (operating costs $ 111 per ounce) and 156 tons of silver per year. Geological exploration of Kupol, which the company is actively pursuing, will bring its reserves and resources to the level of a large and super-large subsoil use object. In this regard, the growth of the company's capitalization may bring it into the ranks of the world's largest gold miners. Already in May 2004, the company announced that as a result of exploration drilling, the total reserves of the deposit for open-pit and underground mining amounted to 132 tons of gold and 1740 tons of silver, and in 2005 these values \u200b\u200bincreased to 149.28 tons and 1813 tons, respectively.

Bema Gold Corporation is a financially stable market participant, it is listed on several gold exchanges in Europe and North America, including AIM (Alternativ Investment Market - AIM, London). Company reports are regularly posted on its website and sent to e-mail... Foreign assets are distinguished by significantly higher production costs compared to Russian ones. The management of the company considers the exploration and development of Kupol to be its main task and is ready to invest $ 400 million in the project.

A significant event in the gold market last year was the merger of the assets of Bema Gold and Kinross Gold. The newly created company will own nine gold deposits in five countries. In 2006, both companies produced 1.8 million troy ounces of gold equivalent. By 2009, it will grow by 56% to 2.8 million ounces. The resources and reserves of the future company are estimated at 50 million ounces of gold (1555 tons), 80 million ounces of silver (2488 tons) and 2.9 billion pounds of copper (13 million tons). Upon completion of the transaction, 61% of the new company will be owned by Kinross shareholders and 39% by Bema shareholders. The new exploration company, which is being created by the Canadian gold miners Bema Gold and Kinross Gold, plans to start exploration work in the gold and silver bearing East-Kupolnaya and Zapadno-Kupolnaya areas (Chukotka) in the near future, together with the administration of the Chukotka Autonomous Okrug.

Canada's High River Gold Mining (HRGM) and Europe's Celtic Resources (CER) are also among the few veterans of gold mining in Russia, which, however, differ significantly in their success in the development of Russian deposits.

High River Gold Mines (HRGM) is one of the few foreign companies successfully operating in Russia since 1995. In 2004, it announced plans to increase its stake in Buryatzoloto to 100%. HRGM is distinguished by active ties with foreign financial institutions (EBRD, etc.), transparency of financial policy, and significant expenditures on geological exploration. She went through the listing procedure in Canada. Besides Russia, he works in Burkina Faso and Canada. At the same time, the average cash costs of this company in Canada in 2003 amounted to $ 329 per ounce, while at the Russian production facilities of this company costs - $ 194 per ounce; on Zun-Kholba - $ 215 per ounce). At the same time, despite the steadily growing gold production over the past 5 years, it seems problematic to provide the enterprises of JSC "Buryatzoloto" with reserves.

The rich deposits of Zun-Kholba and Irokinda (average gold content 17.5 g / t) are being successfully developed (up to 5 tons of gold per year), but their reserves are not replenished by geological exploration. For the sustainable development of the company, a further increase in resources is required through prospecting and exploration work and new acquisitions.

The situation may improve with the development of the Berezitovoye gold-polymetallic deposit in the Amur Region, acquired by High River Gold in 2002. The gold grade in Berezitovoye's ore is 3.3 g / t with a total reserves of 32.7 tons. In June 2004, the company completed a feasibility study project, and in 2005 - a project for the construction of a mine, providing for the construction of a quarry, a gold recovery plant, a residential settlement and the creation of the corresponding infrastructure. The construction was planned to be carried out in 2006-2007. with the commissioning of the mine and production in 2007. Extraction and processing of ore should amount to 1.5 million tons per year, gold - 3 tons. Capital expenditures for the project are estimated at $ 60 million. Germany with low liquidity.

Gold recovery plant at the Vorontsovskoye deposit (Sverdlovsk region, mining is carried out by a subsidiary of OJSC Polymetal - CJSC Gold of the Northern Urals).

The Irish company Celtic Resources (CER) is practically transnational, with its gold assets located in Russia and Kazakhstan. In Russia, the main asset of the company until 2006 was the shares of the Yuzhno-Verkhoyansk Mining Company (YuVGDK), which holds a license to develop the Nezhdaninskoye deposit, the second in Russia in terms of gold reserves. But with super-large reserves of arsenic-bearing ores of the deposit, it is difficult to extract gold from them. Celtic acquired its stake in this field back in 1996, but did not find funds to develop such a capital-intensive facility as the Nezhdaninskoye field. Apparently, the search for funds led the company's management in 2003 to the option of exchanging 23% of its shares with the Alrosa Investment Group for the remaining 50% of the shares of the Nezhdaninskoye field, which could increase the company's market capitalization and the value of its shares.

However, in the fall of 2005, the Polyus company, the leader of Russian gold mining, bought three Yakut gold mining companies, and with them the Nezhdaninskoye deposit. Controlling stakes in Aldanzolot, Yuzhno-Verkhoyansk Mining Company and Yakutsk Mining Company were purchased by Polyus from Alrosa. Polyus, the gold mining subsidiary of Norilsk Nickel, was previously the largest Russian gold producer. Now, no one will be able to catch up with it in Russia: the company's current production will reach 40% of all gold recovered in the country, and reserves - more than half. CJSC Polyus, in fact, managed to gain control over the Nezhdaninskoye gold deposit. Celtic Resources could not prevent the shareholders of YuVGK from holding a meeting, which approved the issue of shares for 25 million rubles and the attraction of a loan from the main shareholder - the gold mining company Polyus Gold spun off from Norilsk Nickel. According to the President of Polyus E. Ivanov, the company intends to invest about $ 500 million in the development of Yakut assets.

Thus, from the first wave of foreign gold miners to russian market Only a few companies successfully crossed the line of 2000 with no more than 5 projects. There were much more unsuccessful foreign projects. A similar picture was observed in other CIS countries, where in the 90s single gold mining projects carried out at large or super-large deposits (Muruntau in Uzbekistan, Kumtor in Kyrgyzstan) can be considered successful.

The rising price of gold; second wave of investors

At the beginning of 2001, the interest of financiers and industrialists in Russian gold seemed lost for a long time. The record low world prices for this metal - about $ 250 / oz., The still poor state of the mining industry, the curtailment of geological exploration and, accordingly, the absence of newly discovered deposits could not attract either domestic or foreign investors. But a year later, the situation changed dramatically. The decline in the gold price, which had continued since 1996, stopped in the spring of 2001. And in the second half of it, slow growth began, which accelerated significantly in 2002. By September 2003, the price of gold rose to its highest level in the previous seven years - over $ 390 / oz, and at the end of November the psychological barrier of $ 400 / oz was overcome. In 2005, the price of gold continues to rise, exceeding $ 600 at auctions. US per ounce. Such a significant increase in the price of gold led to a revival of the global market for the "yellow" metal, increased funding for geological exploration and the emergence of projects to create new mines.

The position of Western investors in relation to Russia has also changed. It can be stated that already in the second half of 2002, the gold mining industry in Russia was "swept" by the second wave of activity by foreign companies, including investments in the development and exploration of deposits. Already in the above period of time in acquisitions on the Russian gold market active participation accepted by several foreign companies. In September 2003, Highland Gold Mining acquires one of the largest undeveloped Russian fields, Mayskoye (Chukotka), for $ 34 million. In October of the same year, the world's third gold mining company Barrick Gold buys 10% of the shares of the Canadian-Russian company Highland Gold, later increasing the stake in this company to 34%. Both conclude an agreement on direct investments in the development of specific projects (one of which may be the development of the Mayskoye deposit).

The processes of buying and selling gold assets continued in 2005-2006 as well. The most active players in this market were the domestic MMC Norilsk Nickel and the spin-off Polyus Gold OJSC, and from foreign companies - Peter Hambro Mining. AngloGold Ashanti (South Africa), which in 2004 acquired a 30% stake in TransSiberian Gold (has been operating in Russia since 2000), is one of the new major players on the Russian gold market. In addition to the high price of gold, the interest of foreign companies in Russian deposits is explained by the shortage of proven reserves and resources of gold in most countries that produce precious metals. The lack of gold mining facilities in these countries is explained not only by the depletion of resources, but also by a decrease in the costs of exploration work (according to the British consulting company GFMS, if in 1997 the cost of exploration for gold amounted to 5 billion US dollars in the world, then in 2002 only 1.6 billion (True, in 2003 there was an increase to 2 billion).

South African Gold Fields (the fourth largest in the world in terms of gold production) has shown interest in cooperation with the gold mining company CJSC Polyus. The need for cooperation is associated with a lack of resource reserves of gold at the Gold Fields in South Africa and an increase in production costs in the fields being developed. The growth and further development of the company can only be ensured by new developments and acquisitions outside South Africa.

Investors are also attracted by the fact that Russia has relatively cheap labor, electricity and construction materials, and the available forecast resources make it possible to count on the discovery of new deposits. At present, Russia, together with Mongolia, China and the Dominican Republic, is one of the most promising countries in terms of expanding the mineral resource base of gold. (At the same time, the depletion of Kubaka and the transition to primary ores at Olimpiada aggravated the shortage of prepared reserves of gold-bearing ore in Russia and led to a decrease in the increase in gold production for the last 4 years, including 2006. gold in post-Soviet times).

Russian gold assets are of increased interest, mainly for medium-capitalized companies, while transnational global gold mining giants (Barrick Gold, Rio Tinto, Anglogold Ashanti) are showing some caution and penetrating the Russian market through the purchase of shares of companies already operating in Russia. Perhaps this is due to the limited number of large facilities in Russia that are of interest to these global companies, and the special conditions of subsoil use for these facilities. In all likelihood, in the coming years, a significant increase in the number of foreign companies and their gold production is not expected, although in the near future these indicators may increase.

With the change in the conditions for gold production, potential investors have changed the requirements for investment objects. Deposits with large reserves of poor-grade ores (up to 5 g / t) began to be of interest to them, earlier, at a gold price of 250–300 dollars. US per ounce, classified as unprofitable. This new trend in global gold mining is due to both the high price of gold and the advances in modern technologies for its extraction. A special place in the development of these deposits of a new economic class belongs to large gold mining companies from the top ten of their world ranking. Hence, the interest of the world leaders in gold mining in the tender (auction) for the largest Russian gold deposit, Sukhoi Log, is understandable (total gold reserves are 1041 tons with an average grade of 2.82 g / t). As the experience of developing deposits of this class (Muruntau, Kumtor, Natalka, etc.) shows, during operation and additional exploration, the reserves of Sukhoi Log can be significantly increased. At the same time, the remaining 6 Russian deposits with reserves of more than 100 tons each are in the distributed fund and can only be resold in whole or in part.

In Russia, it is still possible to buy gold mining assets for 50% cheaper than in South Africa. But the market is very dynamic, the situation is changing rapidly, large domestic investors are appearing capable of making significant investments not only in Russia, but also abroad, therefore the opportunities for making profitable transactions in the industry are diminishing, as the unallocated fund of deposits decreases. According to experts, in the next 5 years, investments in domestic gold mining and geological exploration may grow to $ 8 billion, including Russian and foreign investments.

Analysts note that most of all investors are attracted by Russian deposits, already explored and partially equipped, which means that they require less investment. Therefore, despite the specific risks, foreigners are likely to continue to invest in Russian gold mining.

Foreign companies in gold mining in Russia today

Comparative characteristics of foreign companies operating in Russia with world peers, according to Alfa-Bank analysts M. Matveev and N. Sheveleva, indicates a significant underestimation of Russian assets, especially taking into account the total B + C1 + C2 gold reserves and resource potential (reserves and total forecast resources). In terms of these indicators, Russian assets significantly exceed the assets of medium-sized companies in other gold-mining countries. Recognition of Russia's place among the main producing countries of precious metals, the processes of mergers and acquisitions, the entry of a larger number of Russian companies into the stock markets will lead to an increase in the rating of gold mining companies operating in Russia, including foreign ones. It should be borne in mind that the total cash costs of gold mining in Russia ($ 216 per ounce) are higher than those of some Canadian companies ($ 147 in 2004), but lower than the world average costs ($ 222 per ounce).

The Dukat deposit in the Magadan Region (mined by a subsidiary of Polymetal, CJSC Serebro Magadana).

Despite the significant activity of foreign companies in the Russian gold market, their contribution to the total gold production does not yet exceed 18%, and due to the depletion of Kubaka's reserves over the past 3 years it has decreased to 15-16% (data from the Union of Gold Producers). It is unlikely that in the next 5 years, companies with the participation of foreign partners will radically affect the production of gold in Russia, producing, say, more than 20%. At present, the problem of lending to gold mining enterprises, at first glance, has lost its urgency due to the increase in the financial capabilities of the Russian market. It does not follow from this that the participation of foreign companies in Russian gold mining should decrease. Domestic producers are dominated by medium-sized gold mining companies that are unwilling or unable to invest in geological exploration. The small experience of working with foreign companies so far allows our gold miners not only to master modern technologies and methods of organizing production, but also to attract long-term investments through world stock markets. Using the experience of foreign companies, it is easier to list Russian joint ventures on stock exchanges.

The current state of the mineral resource base of the gold mining industry in Russia is characterized, on the one hand, by significant predictable resources of the precious metal, which attracts foreign investors, on the other hand, by the lack of reserves prepared for extraction, which requires an increase in the volume of geological exploration. In such a situation, investments in geological exploration, including foreign investors, can contribute to the resumption of sustainable growth in reserves and production of precious metals.

Foreign companies operating in Russia are to varying degrees integrated into Russian gold mining. Some of them, as a rule, have been working since the 90s. last century, acquiring Russian assets, retained interests in other countries. Others, mostly juniors, focused exclusively on the Russian market. The latter includes Trans-Siberian Gold, a medium-sized company by market capitalization, but listed on the AIM of the London Stock Exchange. Along with it, the Highland Gold Mining holding (group) and the Russian-British company Peter Hambro Mining are actively promoting on the stock markets.

Highland Gold Mining (HGM) Holding was established and registered in the UK in May 2002 to acquire and develop Russian gold assets. In November 2002, the management company and operator Russdragmet LLC was established, the main tasks of which are the management of gold mining enterprises that are part of Highland Gold Mining Ltd, the introduction and use of the most successful world technologies in gold production, the development of new industrial and investment projects of Highland Gold Mining.

The Mnogovershinnoye field (Khabarovsk Territory) became the first asset and still remains the main one in terms of production. Together with the deposit, HGM bought out the state property of the mine, which secures the company's ownership rights and increases its capitalization. Later, the company acquired a number of differently explored deposits in the Chita region (Darasun, Novoshirokinskoe) and the Chukotka Autonomous Okrug (Mayskoye). (The latter is one of the largest in terms of reserves in Russia - 136 tons of gold with a grade of 14 g / t). As a result of all the acquisitions, the company owns proven gold reserves of over 330 tonnes at a grade of 9-10 g / t, increasing gold production primarily at the Mnogovershinnoye deposit.

Highland's strategic investor since 2002 is Canadian Barrick Gold, which acquired 17% of HGM shares back in December 2002. HGM placed 10% of its shares on the London Stock Exchange (AIM), receiving $ 25 million for this stake. In January 2004, Highland Gold and Barrick Gold entered into an agreement under which both companies received mutual rights to participate in new acquisitions. At the end of September 2004, the Darasunsky mine, owned by Highland Gold Mining Ltd., won an auction for the right to develop the Taseevsky gold deposit in the Chita region (its reserves exceed 1.41 million ounces of gold with an ore grade of 3.51 g / t The winner of the auction paid 742.35 million rubles at a starting price of 707 million rubles Barrick Gold expressed its intention to use the right of 50% participation in the development of the Taseevskoye field.

In the fall of 2005, it became known that the parties had completed the creation of a joint venture (JV) to develop this field. For 50% of its participation in the Taseevskoye JV, Barrick Gold contributed $ 13.3 million to its capital, that is, about half of the price that HGM paid for the field. In 2006, the new company began geological exploration at the Taseevskoye field, and in 2008 it intends to start building a mining enterprise. The HGM Group ranks fourth in Russia in terms of precious metals mining and second in industrial reserves of ore gold. Barrick Gold is one of the three largest gold mining companies in the world. In 2004, the volume of gold production at the Barrick mines was 154.2 tons, which is more than the annual Russian production. In the summer of 2005, Barrick Gold became the owner of a 20% stake in HGM, and in 2006 increased its share in the group's assets to 34%.

Highland Gold Mining is a promising medium-sized sustainable gold mining company with a reliable resource base, highly qualified management, a strong shareholder structure, which ensures stable financing of the company's projects.

Foreign companies in Russian gold mining

Companies, countries	Partners	Form of participation	Deposits and their development	Gold mining in Russia in 2005, (according to the Union of Gold Producers), t
AngloGold Ashanti, South Africa	Trans-Siberian Gold	30% of TSG shares	Asachinskoe (intelligence)	not
Barrick Gold, Canada		34% of shares in HGM	Multi-vertex (production), Darasun (production), Mayskoye (exploration), etc.	not
Bema Gold Corporation, Canada	JV CJSC "Omsukchan Mining and Geological Company"	79% of shares in OGGK	Juliet (Drop), Dome (Exploration)	2,8
Puma Minerals Corp, Canada	subsidiary of Bema Gold	64% of the authorized capital of PMC	East Panskoe (exploration - PGM and gold)	not
Eurasia Mining PLC, UK	Koryakgeoldobycha CJSC	SP	Amethyst (exploration)	not
High River Gold, Canada	JSC "Buryatzoloto"	SP	Zun-Kholba and Irokinda (mining), Berezitovoe (exploration)	4,9
Highland Gold Mining, UK	Barrick Gold, management company OOO Russdragmet	SP	Mnogovershinnoe (production), Lyubavinskoe, Novoshirokinskoe, Mayskoe (exploration). See also Barrick	5,0
Kinross, Canada	OJSC "Omolon Gold Ore Company"	SP	Kubaka (mining), Birkachan (exploration)	4,7
Minco Plc, Ireland	tofor company	52% of shares of the Tofor company	Dividing line in Buryatia (exploration)	not
Peter Hambro Mining, UK	Pokrovsky Rudnik OJSC, Omchak Gold Ore Company CJSC, Yamalzoloto OJSC	97.7% of shares of Pokrovsky Rudnik OJSC, 90% of shares of Yamalzoloto OJSC	Pokrovskoe (mining), Shkolnoe (mining), Chagoyanskaya area (search)	8,2
Rio Tinto, Australia	Peter Hambro Mining, LLC "Mining company" Victoria "	51% of assets of LLC "Mining company" Victoria "	Chagoyanskaya square (search)	not
Trans-Siberian Gold (TSG), UK	Barrick, JSC "Alarm Light"	SP, 90% of shares of ZAO Trevozhnoe Zarevo	Asachinskoye and Rodnikovoye (exploration)	not
Omchak Gold Ore Company CJSC, UK	OJSC "Berelekhsky mining and processing plant", CJSC "Nelkobazoloto"	SP	School	2,5
All foreign companies				25,6

The Russian-British company Peter Hambro Mining (PHM) was established in 2001 and owns only Russian assets. The main asset of the company is Pokrovsky Rudnik OJSC, which develops the deposit of the same name. In addition to it, the company acquired a number of deposits of varying degrees of exploration. Thus, along with one of the promising deposits of rich ores, Ametistovoye in Kamchatka, a license was acquired for the exploration and development of the small Novogodne-Monto deposit on the Yamal Peninsula, as well as poorly studied areas, including the Chagoyanskoye deposit (Amur Region). The latest acquisition attracted the attention of one of the gold-mining transnational giants Rio Tinto (with the possibility of creating a joint venture), which later refused to explore the area. PHM's acquisitions include the old Tokur mine.

The acquisition of 90% of Yamalzoloto's capital with the Novogodne-Monto deposit moved the company's interests beyond the Amur Region. Peter Hambro Mining's development strategy differs from other foreign companies in Russia. Although the immediate plans envisage an increase in production, the company has so far been more concerned with building up reserves and resources at licensed sites. The acquisition of Tokura and New Year-Monto seems to be bold steps, since? on the first, reserves have been significantly depleted, and the second is underexplored. The most significant result of PHM's exploration work is the exploration of the Pioneer deposit with total gold reserves of at least 68 tons. The great advantage of the deposit is its location in an area with a developed infrastructure (40 km from the Pokrovskoye deposit). Geological exploration carried out by the company at Pokrovskoye, Tokur and Pioner ensured an increase in the company's reserves by 33%, up to 164.3 tons (in categories C1 + C2). Forecast resources have also increased and exceed reserves by almost 10 times.

The Malomyr field was acquired by Peter Hambro Mining (PHM) in addition to two other blocks in the Amur Region. It was bought at an auction on February 24, 2005 by Pokrovsky Rudnik OJSC, the main shareholder of which is PHM, for $ 790,000. According to one of the London brokerage companies, the purchase of the deposit is extremely profitable and is estimated at $ 0.52 per each an ounce of explored gold reserves. Geological exploration data indicate the presence of reserves of the Malomyr field of category C1 in the amount of 45.1 t (1.5 million ounces) with a gold grade of 2.4 g / t, predicted resources of category P1 - 120 t (3.9 million ounces) with a grade gold 2.2 g / t. Also at the deposit were discovered reserves of silver, platinum and palladium. Peter Hambro owns 50% of the assets in JV Omchak, which extracts placer gold in the Magadan region. A large number of different-sized assets allowed the company to increase its capitalization six times since it went public - up to $ 600 million.

OJSC Pokrovsky Rudnik, one of the 5 largest gold mining enterprises in Russia, in comparison with 2000, increased its production in 2004 three times (4.7 tons). This growth was ensured by the commissioning of new capacities for sorption cyanidation and ore grinding units. The mining of the primary gold costs the company a relatively low cost, since the main method of gold extraction used is heap leaching (HL). Modeling according to progressive software Micromine at the Pioneer deposit and recalculation of reserves at the Pokrovskoye deposit in accordance with JORC standards are planned to be carried out after the completion of the feasibility study for the construction of a heap leaching complex with a volume of 5 million tonnes of ore per year.

The Lunnoye deposit in the Magadan Region (operated by a subsidiary of OJSC Polymetal, CJSC Serebro Territorii).

The company made its first IPO (Initial Public Offering) on \u200b\u200bthe AIM (Alternativ Investment Market - AIM) section of the London Stock Exchange in 2002. An application is currently being prepared to enter the main market of the London Stock Exchange, which will allow the company to gain wider access to funds, as there are a number of funds that cannot invest through AIM. The company's management plans to increase gold production in 2008 to 30 tons.

In October 2006, Peter Hambro Mining announced the purchase of an 80% stake in Irgiredmet for $ 40 million. Peter Hambro made an offer to buy out the remaining 20% \u200b\u200bstake from their current holders on the same terms, intending to pay for 100- interest in the institute is about $ 50 million. This is the first time a foreign company has bought an industrial research institute. According to the Karat news agency, the total volume of contracts executed by the institute amounted to about $ 10 million. At the same time, Irgiredmet has about 500 valid contracts, under which work will be carried out in 2007. One of the largest projects in which the institute participated was the launch of a factory at the Aginskoye field in Kamchatka. The arrival of new investors from Peter Hambro provided the institute with additional contracts.

But not all foreign companies have managed to achieve their goals in the Russian gold market. British Trans-Siberian Gold (TSG), a junior exploration company established in 2000 specifically to participate in Russian gold mining, has acquired a number of deposits with significant gold reserves in several gold-bearing regions. TSG is listed on the AIM section of the London Stock Exchange. During the IPO in November 2003, the company managed to raise $ 27 million to finance exploration and preparation of deposits for exploitation. Timothy McCutcheon (Aton) identified Trans-Siberian as an interesting, high-risk and high-yield early stage company. To a certain extent sensational was the purchase of a stake in TSG (29.9%) in July 2004 by the world's largest gold mining company Anglogold Ashanti (AGA) for $ 32 million. This transaction significantly strengthened the financial position of the company and, it would seem, guaranteed it successful work on the Russian market. However, this amount was not enough for the implementation of gold mining projects.

In October 2005, Vestnik Zolotopromyshlennika reported with reference to a press release from the company about the preliminary results of assessing the economic profitability of the project to develop the Veduga gold deposit (Krasnoyarsk Territory). With the existing proven reserves, gold prices and a lack of energy sources, the construction of an ore processing plant was assessed as unprofitable. The construction of an enterprise can become profitable only if its cost is less than $ 220 million and subject to a significant reduction in production costs. The given estimate seems to be quite controversial and probably based not only on the geological and economic characteristics of the field. Most likely, the main goal of Trans-Siberian Gold is not mining, but playing on the exchange of alternative investments, resale of Kamchatka and other objects. Therefore, AngloGold Ashanti, without waiting for the start of production in Russia by TSG, decided to stake on cooperation with Polymetal.

AngloGold has long been looking for a way to start mining gold in Russia. Two years ago, she acquired a 29.9% stake in Trans-Siberian Gold. This company owned licenses for geological exploration of deposits, but constantly shifted the dates for the start of gold mining. And in the end, AngloGold decided to continue working in Russia without her. Already in 2007, AGA and Polymetal announced the creation of a joint venture for geological exploration of gold deposits. The assets purchased from Trans-Siberian Gold will become AGA's contribution to the authorized capital of the joint venture. Polymetal will transfer to the JV the Yenisei Mining and Geological Company, which owns the licenses for the Anenskoye deposit in the Krasnoyarsk Territory, and Imitsoloto, with a license for the Aprelkovsko-Peshkovsky ore cluster in the Chita Region. The situation with the gold deposits Asachinsky, Mutnovsky, Rodnikov, Porozhisty is much more complicated. Thus, there is no complete certainty that the Asachinskoye field will start working in the near future. The question is mainly about money - there is no real investor. At the end of 2006, Trans-Siberian Gold officially announced that Standard Bank would not be able to arrange financing for its project for the development of the Asachinskoye field in Kamchatka.

Paths to the stock markets

The interest of foreign companies in Russian gold mining is primarily determined by the possibility of acquiring both explored and poorly studied gold deposits and gold-bearing areas, the price of which is significantly lower than similar objects in other gold-producing countries ($ 13 per ounce of balance reserves). The comparatively low operating costs in the Russian gold industry are also attractive to investors - $ 209 per ounce of gold (in 2004) at an average world $ 253 per ounce, which is due to the relatively low cost of energy and labor. With the rising price of gold, this cost provides high profitability production. As mentioned above, it is still possible to buy gold mining assets in Russia at 50% cheaper than in South Africa. But the market is very dynamic, the situation is changing rapidly, large domestic investors are appearing, so the opportunities for making profitable deals in the industry are diminishing, the unallocated fund of deposits is rapidly decreasing.

In Russia, the consolidation of the gold mining industry is taking place slowly, but every year more and more actively. Domestic companies (holdings) such as Polyus, Polymetal, Amur, in terms of production volume, the level of its organization and the technologies used, largely correspond to modern foreign companies and already now constitute real competition for foreign investors in the Russian market of gold assets ... They are able to conduct independently or pay for geological exploration at their subsoil use objects. According to experts, in the next 5 years, investments in domestic gold mining and geological exploration may amount to up to $ 8 billion. USA, including Russian and foreign investments. Large Russian companies (first of all, Polyus after its separation from Norilsk Nickel) will soon be able to independently enter the stock markets with their shares.

For domestic producers, interest in partnerships with foreign companies is determined by the possibility of updating the technologies and organizational forms of production used in Russia, as well as obtaining additional funding through the presentation of their shares on world stock exchanges. The participation of foreign companies in Russian gold mining can contribute to the expansion of prospecting and exploration of gold deposits, the introduction of modern technologies for the extraction and processing of gold-bearing ores, and the entry of Russian companies into the world stock markets.

It seems useful to acquire foreign experience Russian managers, comparison of the systems of exploration and calculation of ore and metal reserves, classification of reserves according to the degree of reliability, which is an indispensable condition for the placement of shares of companies on the stock markets. In general, cooperation with foreign manufacturers precious metals should contribute to the integration of Russian gold mining into the world market for these metals. This will require exploration and updating the assets of leading companies in accordance with international requirements and classifications of field reserves. The key requirements for the placement of shares on the stock markets are also maximum transparency of the company's structure and its financial condition... Cooperation with foreign companies can be helpful in meeting the above requirements when submitting shares for their IPO.

Kupol deposit. Overall plan.

The main exchange platform for gold mining companies operating in Russia is London stock Exchange and its sector of alternative investments (Alternativ Investment Market - AIM), where the initial public offering (IPO). It is precisely the ability to accumulate often underestimated Russian gold mining assets and place their shares on the international capital market that foreign companies compare favorably with Russian ones. This is one of the ways to develop partnerships between domestic producers holding production licenses and Western companies that are well versed in capital markets.

In conclusion, it is appropriate to quote the opinion of James Sullivan, the head of one of the Canadian companies successfully operating in Russia, Bema Gold, and the general director of the Omsukchan Mining and Geological Company (OGGK). According to J. Sullivan, the Kupol deposit in Chukotka is equal to three Kubaks in terms of the volume and grade of gold in the ore. Then he continues. “Canada, USA, South Africa - each produces more gold than Russian companies. But Russia has great potential for further discoveries. This is the only country in the world where there are still many unexplored deposits. Even if we proceed from the size of your state, there are still many Juliet and Kubak in Russia. James Sullivan also added that Magadan and the entire region have a great future (NBLGold. Herald of gold mining).

Thus, both domestic and foreign companies are interested in cooperation in gold mining in Russia. But the development of such cooperation requires the creation of the necessary legal framework and the improvement of the structure of the domestic gold mining industry. The situation can hardly be considered normal when out of the 7 largest and most active foreign companies on the Russian gold market, 4 in their work fell into conflict situationsmainly in relations with regional authorities. This happened during the redistribution of ownership of subsoil use objects (the conflict between Celtic Resources and Alrosa over the Nezhdaninskoye field in Yakutia, Kinross and the Magadan authorities in connection with the licensing of the Sopka Kvartsevaya field), during the forced acquisition of old equipment by Highland Gold Mining at the Mnogovershinnoye field, during the revaluation of the field Veduga in the Krasnoyarsk Territory by Trans-Siberian Gold. Nevertheless, there is already a significant positive experience of cooperation between Russian and foreign gold mining companies, which should be used in the further consolidation of the industry and the expansion of this cooperation.

The Russian Federation is a global participant in the global gold mining industry. The market overview was compiled among the leaders of the sector, which are engaged in gold mining in Russia, its processing, as well as geological exploration activities.

The country's gold mining industry is represented by a large number of manufacturing companies that are engaged both exclusively in metal mining and a full range of activities: development, mining, research, construction, etc.

The rating of the largest gold mining companies in Russia was compiled on the basis of information presented on the official websites, information on the Unified State Register of Legal Entities, based on the ratings of professional expert centers. Ranking is carried out on the basis of the received information on revenue based on the results of work in 2016.

Place of registration - Russia, Republic of Sakha (Yakutia), g.

Who is mining gold and where?

Information about the founders:

• Artel of prospectors "Seligdar"
• LLC "Maximus"
• LLC "Preisisch-Eylau"
• GARDENCOM ENTERPRISES LIMITED
• LAITA ASSOCIATED SA, INTERNATIONAL BUSINESS

Information about the management: General Director Tatarinov S.M.

Gold recovery technology - heap leaching method.

Soligdar Holding includes 7 gold mining enterprises.

Geography of activity - Yakutia:

1. Samolazovskoe deposit (Aldan usul, Republic of Sakha)
2. Nizhne-Yakokitskoe ore field
3. Podgolichnoye ore occurrence
4. Ryabinovoye ore gold deposits

PJSC BURYATZOLOTO

Place of registration - Russia, Ulan-Ude

Founder Details: NordGold

Information about the management: General Director of "Nordgold Management" Guzeev D.V.

Financial results of PJSC Buryatzoloto published on the Interfax website

Buryatzoloto is one of the largest gold mining companies NORDGOLD (since 2008).

Company assets: closed-type mines of gold mining

1. Holbinsky
2. Irokinda

Attention! Buryatzoloto's activities are carried out only on the territory of the Republic of Buryatia.

In 2016, investments in business development grew by 33% and reached 1.6 billion rubles.

OJSC SUSUMANZOLOTO

Place of registration - Russia, Magadan

Information about founders: no data

Information about the management: General Director Chugunov A.N.

It is the largest gold mining plant in the Magadan region.

The main activity of the mining and processing plant is gold mining.

2 offices in the Russian Federation: Magadan, Susuman.

It is one of the oldest mining and processing plants (the beginning of its activity dates back to 1938).

PJSC Vysochaishy (gvgold.ru)

Place of registration - Russia, Irkutsk region, Bodaibo

Keep in mind! Additionally registered representative office in Moscow

Information about the founders:

• JSC "LENZOLOTO"
• CJSC CB "LANTA-BANK"

Information about the management: Acting Director General Mardanshin A.N.

Financial statements based on the performance of PJSC Vysochaishy published on the Interfax website

Territorial scope of activity: Irkutsk project and the Republic of Sakha (Yakutia).

The main areas of work:

1. Production: 4 factories for gold mining; Drazhny complex
2. Construction
3. Geological exploration

In September 2016, the subsidiary entered into an agreement with the Ministry for the Development of the Russian Far East to improve the infrastructure of the Taryn project (Yakutia).

GC YUZHURALZOLOTO

Place of registration - Russia, Chelyabinsk region, Plast

Information about the founders: CJSC "YUZHURALZOLOTO"

Information about the management: Chairman of the Board of Directors Besov S.G .;

Council members:

• Strukov K.I .;
• Berger R.V.
• L.V. Ivleva
• Vaschenko G.A.
• Faiskhanova N.P.
• Fedoseev V.V.
• Gainutdinov R.I .;
• Kharin M.M.

Financial statements based on the results of the activities of JSC YUZHURALZOLOTO, published in the public domain

The group of companies is engaged in underground and opencast gold mining.

Territory of activity:

1. Chelyabinsk region: deposits, geological exploration, production
2. Mine in the Trans-Baikal Territory
3. Mine in Yakutia
4. Placer deposits in the Krasnoyarsk Territory

Keep in mind! The assets of YUZHURALZOLOTO Group of Companies are located only in the territory of the Russian Federation

POLYMETAL

Place of registration - Russia, St. Petersburg (Head organization - Jersey)

Information about the founders: ICT Group of Companies

Information about the management: General Director Nesis V.N.

Publicly available financial results of POLYMETAL

Keep in mind! These totals are presented in rubles at the exchange rate valid as of December 31 of the reporting period.

The organization has assets in the territory Russian Federation (7 active assets), in Kazakhstan and the Republic of Armenia.

The main principles of the holding's business model, allowing to provide the entire scope of work in the field of gold mining:

1. Development of new deposits with an open principle of gold mining;
2. Financial investments in own geological exploration work;
3. Opening of large centers for metal processing to reduce production costs
4. Providing corporate management at the enterprise

Keep in mind! It is one of the largest gold mining companies in the world.

PJSC Polyus Gold (polyus.com)

Place of registration - Russia, Moscow

Information about the founders: OJSC "Mining and Metallurgical Company" Norilsk Nickel "

Leadership details: General director Grachev P.S.

Publicly available accounting results of Polyus Gold

The company is one of the largest in the gold mining industry in Russia.

Territorial girth:

1. Krasnoyarsk region
2. Irkutsk region
3. Magadan Region
4. Yakutia (Republic of Sakha)
5. Amur region

The corporation includes:

• Mines: Olympiada, Blagodatnoye, Titimukhta, Verninskoye, Kuranakh
• Placer deposits (Irkutsk region)
• Exploration projects: Chertovo Koryto, Panimba, Razdolinskoe, Nezhdaninskoe, Bamskoy

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Companies / Industrial, manufacturing and processing enterprises / Mining enterprises

1.	Russia, Sakha (Yakutia), republic, Mirny CJSC ALROSA ak, diamond mining	+69
2.	Russia, Murmansk region, Monchegorsk OJSC "KOLSKAYA MINING AND METALLURGICAL COMPANY" mining and processing production	+58
3.	Russia, Murmansk region, Olenegorsk OLKON olenegorsk mining and processing plant	+57
4.	Russia, Orenburg region, Guy OJSC "GAISKY MINING AND PROCESSING PLANT"	+56
5.	extraction and processing of crushed stone	+56
6.	Russia, Rostov region, Gukovo JSC "ZAMCHALOVSKOE CAREER MANAGEMENT" extraction and processing of crushed stone	+55
7.	Russia, Yamalo-Nenets Autonomous Okrug, Labytnangi OJSC "POLAR-URAL MINING AND GEOLOGICAL ENTERPRISE"	+54
8.	Russia, Sverdlovsk region, Nizhny Tagil OJSC "VYSOKOGORSKY MINING AND PROCESSING PLANT" decorative marble crushed stone	+53
9.	Russia, Krasnoyarsk Territory, Krasnoyarsk STALMAG mining activities	+49
10.	Russia, Tambov region, Tambov JSC "TsNA-1" mining company	+49
11.	Russia, Novosibirsk region, Novosibirsk MINING COMPANY LLC DEPOSIT BOROK	+48
12.	Kyrgyzstan, Batken region, Sulukta JSC "SULYUKTA" mine	+45
13.	Russia, Khakassia, republic, Sayanogorsk OJSC "MKK-SAYANMRAMOR"	+45
14.	Belarus, Brest region, Ivanovo JSC "IVANOVOGEOLOGIYA"	+44
15.	Kyrgyzstan, Bishkek Al-Fatah	+43
16.	Russia, Magadan region, Magadan NON-BASOLOTO	+42
17.	Uzbekistan, Samarkand region, Samarkand JSC "JUMINSKY SAND QUARRY"	+42
18.	Russia, Bashkortostan, republic, Uchaly JSC "UCHALINSKY MINING AND PROCESSING PLANT"	+41
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Overview of the 7 largest gold mining companies in Russia

Rating of the largest gold mining companies in Russia

GOLD MINING INDUSTRY (a. Gold mining industry; n. Goldgewinnungsindustrie; f. Industrie de l’or; and. Industria aurifera) is a sub-branch of non-ferrous metallurgy for the extraction and extraction of gold from ores and placers.

Gold has been known to mankind for several millennia; this is evidenced by products found in ancient burials and primitive mine workings that have survived to this day. The main centers of gold mining in antiquity were Upper Egypt, Nubia, Spain, Colchis (Caucasus), India, Altai, Kazakhstan, China, Central and South America. On the territory of Russia, gold was mined already in the 3rd millennium BC. (the so-called Chud mines). In the 11-6 centuries. BC. gold was mined in Spain. In the 6-4 centuries. BC. development of gold deposits began in Transylvania and the Western Carpathians. Gold was extracted from the placers by washing sand on shields, on top of which were laid the skins of animals with trimmed wool (to catch grains of gold), as well as with the help of primitive gutters, trays and buckets. Gold from ores was mined by heating the rock until cracking, followed by crushing lumps in stone mortars, abrading with millstones and washing. The size separation was carried out on sieves.

The richest gold deposits were discovered in Ghana (1471), Mexico (1500), Peru, Chile (1532), Brazil (1577), Russia (Ural, 1745), Canada (Quebec, 1823), USA (California, 1848; Colorado, 1858; Nevada, 1859; Alaska, 1890), Australia (1851), South Africa (1884). The discovery of these and other gold-bearing regions and the general development of technology in the late 19th and early 20th centuries.

The largest gold mining companies in Russia - list

predetermined the great growth of gold mining, which was in the 16th century. 763 tons, in the 17th century 914 t, in the 18th century 1890 tons, in the 19th century. 11 616 tons, in the 20th century (up to 1980, without socialist countries) 65,050 tons. On the territory of the CCCP, gold was periodically mined in the Caucasus, the Far East, the Urals, Central Asia, Kazakhstan and the Carpathians. Officially, the beginning of the 18th century is considered to be the beginning of the gold mining industry in Russia, when the Berezovskoye gold deposit was discovered in the Urals. In the 19th century. placers were developed in the Ob river basin, Minusinsk depression, Transbaikalia, the Lena and Amur river basins, Primorye. In 1830, Russia took 1st place in the world in terms of gold production, providing about 40.3% of world production by 1847. Since the end of the 40s. Russia's share in total world production began to decline somewhat (2nd place after the USA from 1848, 3rd after Australia and the USA from 1860). After 1900, gold production in Russia amounted to about 5% of world production.

Ore gold in Russia was mainly mined in the Urals (about 10%), placer gold - in Siberia (about 75%). From the 1st half of the 19th century, butars were widely used in the Ural mines. In the 30s of the 19th century, water was supplied under pressure in the mines for erosion of placer rocks. Further improvement of this method led to the creation of water tanks - prototypes of the hydro monitor. In 1867, the first hydraulic mining of placers was carried out (near Lake Baikal). At the beginning of the 19th century, dredgers were used to extract gold from flooded placers, in 1863 in New Zealand, a dredge was used for this purpose. In 1886, for the first time in Russia, gold was extracted from ores by chlorination (Kochkarsky mine in the Urals). In 1896, the first plant in Russia for the extraction of gold by cyanidation was launched at the same mine (the first such plant was built in Johannesburg, South Africa, 1890). In 1910, 1,100 small mines and mines operated in Russia (about 60% of gold was mined by prospectors). The developments were little mechanized - only 54 dredges and 75 small hydraulic units were operated. The share of foreign capital in Russia in gold production was about 50% (1913). The gold mining industry ranked 2nd in Russia among the mining industries in terms of the number of employees (84 thousand people, 1913).

In the CCCP, the beginning of the development of the gold mining industry was laid by the decree of the CHK RSFSR of December 31, 1921 "On the gold and platinum industry". By 1927, all dredges, hydraulic installations and amalgamation factories were restored. Important for the gold mining industry in 1923: (primary deposits in 1930), Transbaikalia (Darasunskoye deposit and Baleyskoye deposit) and Kolyma. The existing enterprises were reconstructed and new enterprises were put into operation at an accelerated pace. 50s characterized by the reconstruction of the gold mining industry, the construction of a number of new enterprises in the Transcaucasus, Central Asia, Siberia, and the Far East. In the 80s. the gold-mining industry develops alluvial deposits in permafrost and thawed rocks. Placer mining is carried out mainly by open method (dredging, scraper-bulldozer and hydraulic). In terms of the efficiency of mining gold from placers, the dredging method is the best (see Dredging development), the scraper-bulldozer and hydraulic ones are less economical. Underground mining of placers is almost 1.5 times more expensive than the dredging method; in the CCCP it is used on deep placers in the valleys of the Lena and Kolyma river basins. Primary deposits are developed by open-pit and underground methods. Systems of development with caving, with open treatment space and with backfill are being introduced. Mechanized mining complexes are used to mine steeply dipping veins. Gold is extracted from ores by hydrometallurgical methods combined with beneficiation. For example, when enriching ores containing coarsely disseminated gold, the cyanidation process is used with the preliminary separation of free gold by gravity methods. When processing sulfide ores, in which gold is in both free and associated state, cyanidation is used in combination with flotation.

The gold mining industry of industrially developed capitalist and developing countries is characterized by extremely uneven distribution: for example, enterprises producing more than 2/3 of the annual production are located in South Africa, 1/10 in Canada and the USA, the remaining 35 gold mining countries account for less than 1/4 of the annual production gold (table, fig.). In the capitalist countries, before World War II, 1939-45, about 1,140 tons of gold was mined per year, during the war, a decrease in gold mining was noted (to 659 tons in 1945). In 1946-60, gold production increased mainly due to the development of deposits of gold-bearing conglomerates in South Africa. In 1950-82, gold production in developing countries increased by 25% (mainly due to Brazil, Papua New Guinea and Chile). Primary gold deposits are developed (about 95% of all production), while 84% are provided by gold deposits, 10% - copper-porphyry, copper-pyrite, copper-nickel and polymetallic deposits, 1% - others. Placer deposits are almost completely developed, of which at the end of the 70s. received about 5% of all gold production. The share of industrially developed capitalist countries in the early 80s. accounted for 86% of all gold mined from primary deposits, and 2% of placer gold. The structure of gold production in this group of countries (gold deposits - 93.4%, deposits of non-ferrous metal ores 6.5%, placers 0.1%) sharply differs from the situation in developing countries, where the corresponding indicators are 36.9%, 38, 6% and 24.5%. The average gold content in the developed gold deposits in developing countries is 5.5 g / t versus 8.2 g / t in industrialized capitalist countries.

The largest suppliers of gold to the world capitalist market are South Africa, Canada, Australia, countries of Africa and Asia, and consumers are the countries of Western Europe, the USA, Japan, and the countries of the Near and Middle East.