The open-pit operation is owned and operated by Boroo Gold, an indirect subsidiary of Australian-based AGR. Cameco’s gold division holds a 56% interest in AGR.
In 2004, Boroo is projected to produce 210,000 oz. at a cash cost of US$170 per oz. Probable reserves stand at 1.16 million oz. with an average grade of 3.5 grams gold per tonne, based on a gold price of US$325 per oz. Exploration continues.
The mine is valued at US$75 million (almost double original estimates, owing to the decision to use a mine-owned fleet instead of contractors).
The operation is expected to run until at least 2009.
Altai Trading, a Mongolian investment company, owns the remaining 5% of Boroo.
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