Nord Gold, the internationally recognised low cost gold producer, has announced that it has started work on it’s open-pit heap Gross Mine, in Yakutia, Russia.
The mine is part of the Gross project, an extensive exploration programme that has uncovered proven and provable Gold of up to 4.4 moz as of December 2015. The mine is expected to produce up 230 ounces of gold per year, with the first gold earmarked for 2018.
Nikolai Zelenski, CEO of Nordgold, said: “Gross is a financially compelling, high-return project that has been significantly de-risked through an extensive feasibility study and two-year pilot-testing phase, giving us confidence in our ability to deliver the project at a modest capital cost.
“We fully expect construction at Gross to be completed on schedule and within budget. All of our development projects are very capital efficient, competitively positioned at the low end of the cost curve and we expect to generate robust returns for Nordgold shareholders.”
The Gross mine will provide up to 350 construction jobs and 800 permanent mining jobs over its 17 year mine life.