Highland Gold Mining Plans to Develop a Mining Plant in Russia’s Remote Kun-Manie Deposit
Highland Gold Mining (HGM), led by entrepreneur Vladislav Sviblov, is gearing up to commence the development of a state-of-the-art mining plant at the Kun-Manie deposit in the Amur region of Russia by 2024. The decision to move forward with this ambitious project comes after Bering Metals, a company owned by Vladislav Sviblov, acquired the polymetallic project at Kun-Manie from Amur Minerals Corp for $35 million earlier this year.
The Kun-Manie deposit boasts an extensive reserve of mineral resources, as confirmed by the Joint Ore Reserves Committee (JORC) in March 2018. According to their report, the deposit holds a staggering 118.2 million tonnes of ore containing 867,000 tonnes of nickel, 237,000 tonnes of copper, 17,500 tonnes of cobalt, 18.5 tonnes of platinum, and 19.6 tonnes of palladium.
Despite its vast potential, the Kun-Manie project stands as one of the most challenging ventures in the Amur region. Its remote location and limited accessibility, nestled between mountain ranges, have presented formidable obstacles. To realize the mining plant's potential, the project demands a robust engineering infrastructure and the construction of a feasible access road. Consequently, HGM is counting on the support of regional and federal authorities to overcome these hurdles.
To aid the investor and facilitate a smoother implementation process, the project is being considered for the status of a priority investment project in the region. Additionally, Highland Gold Mining is contemplating becoming a resident of the "Amurskaya" territory of advanced development (TOR), which would offer a range of incentives and benefits. These may include cost compensation for technical connection to power grids, the provision of land plots without bidding, and preferential rental rates. Moreover, the TOR residency status would lead to reduced insurance premiums, zero taxes on profits, and property tax exemptions.
The company's timeline for the project's execution entails conducting comprehensive geological exploration throughout the current year, followed by the commencement of the mining plant's design phase in the subsequent year. A formal agreement outlining the intentions for project implementation is expected to be signed at the Eastern Economic Forum in September.
Highland Gold Mining ranks among the top ten largest gold mining companies in Russia. It operates in various regions across Russia, including the Khabarovsk and Zabaykalsky territories, Chukotka, Kamchatka, and Kyrgyzstan. Since late 2020, businessman Vladislav Sviblov has been the primary owner of the company and has been actively expanding its operations by acquiring existing assets in the Russian Federation.
With the Kun-Manie project underway, Highland Gold Mining is set to make a significant impact in the mining sector, further solidifying its position as a key player in Russia's mineral resources industry. As the development progresses, it will not only enhance the company's portfolio but also contribute to the economic growth and prosperity of the Amur region. The successful establishment of the mining plant would unlock the region's vast mineral wealth and open doors to new opportunities for investors and local communities alike.
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