The miner, controlled by Bulat Utemuratov’s Verny Capital and co-owned by Resource Capital Funds (USA), will increase production to around 190,000 oz
ASTANA, Kazakhstan, October 11, 2022 /PRNewswire/ — RG Gold, one of Kazakhstan’s leading gold producers, has launched a new processing plant worth more than $420 million. The additional capacity is expected to allow RG Gold to quadruple production to c. 190,000 troy ounces in 2023. This equates to approximately five million metric tons of gold-bearing ore. It deploys CIP (Carbon in Pulp) technology which uses carbon particles during leaching to extract gold from low-grade ore at low cost.
RG Gold launches $420 million ore processing plant. (PRNewsfoto/RG Gold)
RG Gold operates the RayGorodok deposit in the north Kazakhstan, one of the largest mines in the country with 5.9 million ounces of gold reserves, according to the JORC code. Its production is expected to exceed 50,000 troy ounces this year. The company paid $122 million in taxes (the equivalent of ₸45 billion) since 2015 when Verny Capital became its shareholder. Resource Capital Funds (US) holds a 35% stake in RG Gold.
Bulat Utemuratov, the main investor in Verny Capital’s projects, said: “The launch of the new processing plant is a key milestone for RG Gold. It is built on the highest global industry standards using the latest innovations and technical expertise from Resource Capital Funds, our strategic partner. The new plant not only allows us to quadruple RG Gold’s overall production, but more importantly, it also provides the opportunity to stimulate investment in the region.The company has hired additional staff for the construction and maintenance of the plant, and RG Gold now employs approximately 1,200 people to continue to deliver further socio-economic benefits, demonstrating RG Gold’s continued commitment to supporting local communities and creating value for all stakeholders.”
Martin Valdespartner of Resource Capital Funds, said“We invested in RG Gold in 2018. It was the first time we invested in Kazakhstan as a company, and from the beginning of the due diligence process, we were impressed by the quality of the people, the quality of the institutions and the commitment of everyone to do mining in a very ecological way and in the best interest of all stakeholders above all else, especially for local communities. RG Gold’s new production facility has been built to industry leading standards, which will provide the company with access to further growth and expansion. »
About Verny Capital
Verny Capital is one of the largest private equity groups Kazakhstan. Founded in 2006, it holds assets in banking, natural resources, real estate, telecommunications and other sectors. Mr. Bulat Utemuratov is the key investor in the projects managed by Verny Capital.
About Resource Capital Funds
Resource Capital Funds (RCF) is a private equity firm established in 1988 that specializes in investments in the mining sector. The company has $3.2 billion of assets under management.
Photo – https://mma.prnewswire.com/media/1918124/RG_Gold_1.jpg
SOURCE RG Gold
