Regional News - Asia November 2017

Eldorado Lowers Guidance on Kişladağ

Citing lower recoveries, Eldorado Gold has revised its 2017 guidance for the Kişladağ gold mine in Turkey to 170,000 ounces (oz) to 180,000 oz at cash costs of $500/oz to $550/oz. At the beginning of the year, the company was expecting Kişladağ to produce 230,000 oz to 240,000 oz. Guidance for 2018 and beyond, according to the company, is currently under review.

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Regional News - Asia October 2017

Polyus Starts Commissioning Natalka Mine in Russia’s Far East

PISC Polyus, Russia’s largest gold producer, has launched the start of hot commissioning of its Natalka mine in the Magadan region of Russia’s Far East. Russian President Vladimir Putin participated in a launching ceremony in early September via video-link from the Eastern Economic Forum then in progress in Vladivostok. Following completion of ramp-up in late 2018, Natalka is scheduled to produce in the range of 420,000 ounces per year (oz/y) to 470,000 oz/y of gold over a mine life of more than 30 years.

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Freeport, Indonesia Agree on Plan for Long-term Operating Rights

Freeport-McMoRan (FCX) and the government of Indonesia have reached an understanding on a framework to support PT Freeport Indonesia’s (PT-FI) long-term investment plans in Papua. PT-FI will convert its Contract of Work to a special license (IUPK), which will provide the company with long-term operating rights through 2041. PT-FI will commit to construct a new smelter in Indonesia within five years. In return, the government of Indonesia will provide certainty of fiscal and legal terms during the term of the IUPK.

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Regional News - Asia September 2017

Thai Government Lifts Suspension of Chatree Mine

Recently, representatives of Kingsgate Consolidated Ltd. met with representatives of the Royal Thai Government to discuss a possible settlement of the company’s claims against the Kingdom of Thailand under the Australia-Thailand Free Trade Agreement (TAFTA).

Shortly before the meeting, the company was informed that the Thai government had lifted the “temporary suspension” of the Chatree mine, which is operated by the company’s subsidiary, Akara Resources Public Co. Ltd. Further, Kingsgate was advised that Akara’s application for renewal of its metallurgical processing license, which expired on December 31, 2016, could now be processed.

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Major Equipment Arrives at Amulsar

This week, Lydian International said major equipment components have arrived at its Amulsar gold project in Armenia. Major pieces of equipment for the crushing plant, including the jaw crusher, a secondary cone crusher, rock breaker, pan feeders, and screen liners have all arrived at the site. The material handling system includes crushing and screening equipment and the overland conveyor, all supplied by Sandvik. Components have been shipping since the second quarter of 2017 as fabrication is completed. Modular steel structures for the overland conveyer and other structural steel components are arriving on site and this will continue throughout the third quarter.

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Regional News - Asia August 2017

Eldorado Provides Update on Kişladağ

Eldorado Gold provided an update on its Kişladağ gold mine in Turkey. A low-grade, bulk-tonnage, open-pit operation that uses heap leach for gold recovery, Kişladağ has been in operation since 2006 and is Turkey’s largest gold mine.

While the mine has placed the expected amount of ore on the leach pad, the gold solution grade and, consequently, gold recovery from the leach pad has recently lagged projections. Recent laboratory and in situ tests where solution chemistry has been adjusted have indicated normal recovery rates are still expected. More time, however, is now required to adjust the overall pad solution chemistry and allow solution to flow through the current stack height of the leach pad, which is at approximately 80 meters (m) at the highest point.

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Macmahon Approves Batu Hijau Transaction

At a general meeting held in Perth on June 9, Macmahon shareholders voted overwhelmingly in favor of a proposed transaction with Indonesian-based mining company PT Amman Mineral Nusa Tenggara (AMNT). The AMNT transaction will see Macmahon awarded a life-of-mine, alliance style contract to provide earthmoving and mining services at AMNT’s Batu Hijau copper-gold mine in Indonesia. Macmahon will acquire existing mobile mining equipment from AMNT and will, in return, issue new shares to a subsidiary of AMNT.

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Centerra Provides Update on Arbitration

An arbitrator has issued an order providing certain interim relief to Centerra Gold in its ongoing arbitration against the Kyrgyz Republic and Kyrgyzaltyn JSC in connection with the Kumtor project. The interim relief, among other things, orders the Kyrgyz Republic to give 30 days’ prior notice to the arbitrator and Centerra in the event of resumption of the claims brought by Kyrgyz government entities in Kyrgyz courts relating to alleged environmental harm, dividends and land use; directs the Kyrgyz Republic to give immediate notice to the arbitrator and Centerra if any procedural action is taken in the Kyrgyz court proceedings; and orders the Kyrgyz Republic to use its best efforts comply with her decision.

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