Basis for development
Gold extraction plan, kilograms
| Company name | 2009 | 2010 | 2011 | 2012 |
|---|---|---|---|---|
| Seligdar OJSC | 2000 | 2000 | 2000 | 1800 |
| Seligdar Gold OJSC | 2000 | 2000 | 2580 | 4000 |
| PMG Poisk LLC | 400 | 400 | 400 | 400 |
| Total: | 4400 | 4400 | 4980 | 6200 |
Over the last two years the enterprises of Seligdar OJSC were united by contributing majority shares of their Charter capitals into Seligdar OJSC. Transition to IFRS was performed and the consolidated financial statements of the companies of the Holding for 2006 and 2007 produced according to IFRS were audited.
Besides these corporate actions, the Holding undertook a number of actions aimed at business development, including the following most important ones:
- gold extraction plant was built and commissioned within two years at Nizhneyakokitskoye mine field (Seligdar Gold OJSC).
- Geological surveys resulted in extension of the reserves in the C1 +C2 categories as follows:
- LLC «Orenburg Mining Company», Vasin deposit 44 305 kilograms;
- Seligdar Gold OJSC, Nizhneyakokitskoye mine field - 30 009 kilograms;
- A. Z. International LLC, Aprelskoye deposit - 3 123 kilograms.
- Extraction technologies were modified at the facilities of «Poisk» placer miners guild, including renovation of the gold extraction plant enabling the company to reach the extraction rate of 400 kilograms per year (from 26 kilograms in 2007).
- Total amount of investments over the period of 2006-2008 exceeded $100 million. This enabled the Holding to increase the recognized reserves of gold from 58 tons to the present level of 107.6 tons, as well as to double the gold output.
- Funding sources for this program included the revenues of the companies of the Holding, shareholder contributions, and bonds issued by Seligdar Gold OJSC. According to the previously adopted program for the period of 2009-2011, it was expected to implement the final stage of the investment program, including the following:
- construction of the gold extraction plant with the output of 2 tons of gold per year at the Ryabinovoye site;
- construction of the gold extraction plant with the output of 2 tons of gold per year at the Vasin site;
- development of the Lunnoye site in the framework of the joint venture with Atomredmetzoloto;
- construction of the gold extraction plant with the output of 2 tons of gold per year at the Aprelskoye site.
