UK’s HGM to produce 2–3 tns of gold at Belaya Gora field from 2012

MOSCOW, Jul 27 (PRIME) — The U.K.s Highland Gold Mining (HGM), which mines gold in Russia, plans to annually produce about 23 tonnes of gold at the Belaya Gora deposit in the Khabarovsk Region starting from 2012, the company said in a statement Wednesday.

By 2012, the company plans to invest U.S. $101.1 million in the deposit, including $11 million already spent. In mid-2012, HGM plans to launch a mining and processing plant at the deposit with an annual capacity of 1.5 million tonnes of ore.

Currently, ore mined at the deposit is processed at a mill at the companys flagship Mnogovershinnoye deposit, which is located close to the Belaya Gora deposit. HGM launched ore mining operations at the Belaya Gora deposit in November 2010.

In 2010, HGM produced 200,028 ounces of gold, up 23% on the year.

HGM is 32% owned by Millhouse LLC, an investment company controlled by Russian billionaire Roman Abramovich, while Barrick Gold, the worlds largest gold producer, holds 20%


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