The government of Yakutia is chopping up Sakhazoloto, the financial and industrial company that holds the licence to all gold fields in the Russian republic.
Sakhazoloto is an amalgamation of Yakutia’s biggest gold producers. The government plans to reorganize it, with the objective of speeding up development of the republic’s major gold fields. The first step will be the initiation of bankruptcy proceedings against the joint-stock and other companies represented by Sakhazoloto, with a look to possibly restarting operations gradually in the future.
One example of the changes in store is the Nezhdaninsky gold mine in eastern Yakutia. A Sakhazoloto affiliate used to operate the mine but was found not to possess efficient milling technologies or sufficient financial resources to develop the site. The operation was consequently liquidated, and is now scheduled to be developed by Verkhoyansk Mining, a joint venture between Sakhazoloto and the Irish firm Celtic Resources Holdings.
— With files from Interfax News Agency
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