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Quick facts

Location Khabarovsk territory, Russian Far East
Mining Open pit
Processing 1600 Ktpa Flotation followed by POX/CIL
Ore reserves (JORC)* 1.5 Moz GE, 5.1 g/t average grade
Mineral resources (JORC)* 3.6 Moz GE, 4.8 g/t average grade
Production start date 2011
Life of mine 2021

1H 2014 Results

Production 1H 2014
115 Gold (Koz)
Adj EBITDA 1H 2014
US$ 67 M
Capex 1H 2014
US$ 9 M (including Amursk POX)
TCC 1H 2014
US$ 668/oz (GE)

Overview

Albazino is a high-grade refractory gold mine. It is an important part of the Group’s largest project – the Amursk POX hub and the first greenfield mine in our portfolio since 2004.

It comprises operating open-pit mine and a 1.6 Mtpa on-site flotation concentrator started up in April 2011. The gold concentrate produced on-site is trucked to the Amursk POX hub for processing into dore bars. 

Albazino is also an attractive exploration area. New resources discovered at Albazino in 2012 represent significant growth potential for the operation. This may require an expansion of the Albazino mine and the concentrator (Albazino-2 project). We are planning to complete the full feasibility study on the Albazino-2 expansion project and decide on its launching in Q4 2014. 

Location

Albazino is located in the Polina Osipenko district of the Khabarovsk territory, in a remote area covered with taiga forest, approximately 780 km north-east of Khabarovsk and 440 km from Amursk, where the POX hub is located. The nearest settlement, Kherpuchi (with a population of approximately 1,500 people), is located 114 km east from the project area and is connected with Albazino by a year-round unpaved road built by the Group between 2008 and 2009.

The river port of Oglongi (with a population of approximately 1,000 people) is located 6 km from Kherpuchi on the Amgun River and connects Oglongi with the ports of Nikolaevsk-on-Amur (approximately 180 km) and Amursk (approximately 600 km).

Road transportation is year-round, but the barging operation is restricted to a six-month window when the river is ice-free.

Due to its remote location, electricity is generated on-site by diesel-powered generators.

* GE = gold equivalent. Ore Reserves and Mineral Resources are in accordance with the JORC Code (2012). Mineral resources are calculated in addition to ore reserves

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