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Gold bonanza for Central Asia!

Gold bonanza for Central Asia!

Sometimes names hide more meaning than appears at first sight. The mountain chain, point of junction between Russia, China, Mongolia and Kazakhstan was named Altai Mountains, which meaning in Mongolian is “Alt”(gold) and “tai” mountains”.


The Gold Mountain comprises a natural UNESCO World Heritage Site thanks to its rich nature together with copper and silver resources, though it has been the gold resources underground the ones that drew the attention of the geologists of Gorny Altai-Expedition, a subsidiary of the Rosgeologiya company.


The group of geologists discovered a major gold deposit located to the north of the mountain chain. According to The Siberian Times, this gold mine could be worth $850 million. In the valley of the Anuy River in Ust-Kansk there could be nearly 22.2 tonnes



According to Bloomberg agency “China National Group Corporation signed framework agreement with Polyus Gold International Ltd. To cooperate on development of gold and nonferrous metal resources. Under the agreement, the two parties will carry out in-depth cooperation in such fields as development of mineral resources, technology exchanges, as well as materials supply.


The gold production of the deposit is expected to exceed 15 tonnes per year. Polyus Gold International Ltd is already the largest gold mining company in Russia, and this new gold deposit could therefore mean a rise in profit.



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Category: Gold news      Publication date: 2015-06-04 13:08

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