Kazakhstan Goldfields (KGFC-C) has acquired a 75% interest in the Gold Pool joint venture.
The project consists of three gold mines in north-central Kazakhstan, with an exploration licence covering about 12,500 sq. km.
The remaining interest is held by Central Asia Goldfields (CGZ-M), which owns about 7 million shares (22.1%) of Kazakhstan Goldfields.
The mines resumed production earlier this year and, at the end of September, were operating at a combined daily rate of 1,400 tonnes. Total proven and probable reserves exceed 6.5 million tonnes grading 7.8 grams gold per tonne.
By the first quarter of 1997, KGC expects to have boosted production to 85,000 tonnes per month grading 6.5 grams gold. At the end of 1997, total production is expected to be about 155,000 oz.
Over the next two years, the company plans to boost production to 250,000 oz.
per year at a cash cost of less than US$200 per oz.
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