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Chinese companies to develop gold, silver in Russia’s Kolyma

November 28, 2011, 7:17 UTC+3
Chine cooperates efficiently with 30 countries and now “the Chinese side is very satisfied that the Magadan Region was put on the list of its business partners”
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Photo ITAR-TASS

Photo ITAR-TASS

MAGADAN, November 28 (Itar-Tass) — Chinese companies intend to participate in the development of gold, silver and other metals in Russia’s Kolyma. Two agreements to this effect were signed between the Magadan Region, China Nonferrous Metal Industry’s Foreign Engineering and Construction Company and the South Western Mining Company (China).

Under the agreement Chinese specialists will study the prospects for the development of lead and zinc deposits in the Susuman and Omsukchan districts of the Magadan Region with the intentions to conduct geological prospecting and involve the explored deposits in development, the press service of the Kolyma authorities reported on Monday. The second agreement is targeted at geological prospecting with further development of antimony, mining silver and gold at the deposits in the Olsk district.

Director General of China Nonferrous Metal Industry’s Foreign Engineering and Construction Company Wang Hongqian said that the corporation cooperates efficiently with 30 countries and now “the Chinese side is very satisfied that the Magadan Region was put on the list of its business partners.”

Kolyma Governor Nikolai Dudov, who signed the agreements with Chinese partners, noted that investment cooperation envisages mutual interests. “For the Magadan Region this is reflected in keeping and building up its economic potential. Cooperation also has a social aspect. China will participate directly in the development of social and economic infrastructure of those municipal entities in the Magadan Region, where investment projects will be implemented,” the governor said,

Kolyma is planning to bring the gold mining to 100 tonnes annually by 2020.

 

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