Rosatom structure of gold
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The structure of Rosatom is interested in acquiring a gold mining project in the Irkutsk region with a resource potential of 50 tons and a high metal content. The co-owner of the assets is Rostec. In recent years, Rosatom has been increasing its presence in gold as not only a direct operator, but also a supplier of energy infrastructure.
Elkon MMC (a structure of Rosatom) plans to order an assessment of a stake in the authorized capital of Techservice LLC, which owns two related licenses for prospecting and mining gold at the Gurbey and Svetino deposits in the Irkutsk region, follows from the documentation on the trading floor of Sberbank. According to the documentation, due diligence is being carried out for the planned M&A deal.
According to Kartoteka.ru, 35% in Techservice is owned by the Rostec structure RT-Business Development, and 55.25% is owned by the Cypriot company Arsanol Holdings ltd, another 9.75% was owned by lawyer Ilya Rybalkin. The co-owner of Arsanol, as Kommersant wrote in December 2019, was Anton Yelistratov, CEO of the Airplane developer, with a 19% share. Rostec did not respond to Kommersant’s request, Mr. Elistratov declined to comment.
According to the presentation of the Gurbey project, its C2 reserves are 13.5 tons of hard rock. The total resource potential according to JORC standards reaches 50 tons of gold. An experimental gold recovery plant operates at the deposit. In 2021, 370 kg of gold were produced, and 430 kg are planned for this year. However, already in 2023, the project should reach a capacity of one ton of gold per year. The project, according to the presentation, has high grades – 4.7 g at the Gurbey deposit and 7 g at the Svetino deposit. For the first quarter of 2022, EBITDA was RUB 400 million. in year.
Elkon MMC is part of the Rosatom mining division and was established in 2007 to develop large deposits of the Elkon uranium ore region. As stated on the MMC website, it is planned to create one of the world’s largest uranium mining enterprises on the basis of the deposits.
However, the interest of the enterprises of the state corporation does not stop at uranium assets. ARMZ told Kommersant that in the Aldan region of Yakutia, Elkon MMC is conducting pilot work at the Severnoye gold deposit, where over the past two years the company has created infrastructure and started pilot work. Gold is mined using the open pit method of heap leaching. In June 2021, Interfax reported that Elkon MMC plans to mine gold at the Severnoye deposit during Elkon’s low profitability period.
Another area of activity of Rosatom in terms of the extraction of precious metals is the creation of energy infrastructure. So, in October 2021, Rosatom enterprises participated in the auction for the Kyuchus field. However, the winner was the joint venture of Seligdar and Rostec. Despite this, Rosatom is going to build a reference low-capacity nuclear power plant to supply it with energy.
Sergey Grishunin, managing director of the NRA rating service, says that in the future the Gurbey project may grow to produce one ton of gold per year. In this regard, the potential value of the company, taking into account the debt, which can be approximately estimated at 5–6 billion rubles, can range from 1 billion to 2 billion rubles. Given the general undervaluation of the metal on the market, investment in gold mining may be quite attractive.
Trading company Heraeus Precious Metals forecasts that gold will trade in a fairly wide range of $1620-1920 per troy ounce in 2023, given the events in Ukraine, high inflation and growing fears of a recession. The price of gold in euros may exceed the all-time high recorded in March at €1,870 per ounce. February futures on the NYMEX were worth $1,788 on Tuesday.
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