Kazakstan turns down proposal

The government of Kazakstan has rejected a proposal made by Teck (TEK-T) and First Dynasty Mines (FDM-T) to develop the Vasilkovskoye gold deposit.

Situated in the country’s northern region, the deposit hosts minable reserves of 100 million tonnes grading 2.4 grams gold per tonne. The deposit was outlined by Soviet geologists before independence, but was never developed, though limited mining was carried out in higher grade areas.

Teck and First Dynasty became equal partners in a joint venture to develop Vasilkovskoye following the latter’s agreement to purchase a stake in U.K.-based Bakyrchik Gold.

Teck and First Dynasty say they remain interested in exploration and development in the former Soviet republic, including the possibility of reopening negotiations on Vasilkovskoye. Another contender is World Wide Minerals (WWS-T), a company currently reviving a uranium mining complex in a nearby region.