Wednesday, July 25, 2012 -
Russian-focused mining firm Highland Gold said Tuesday it was awarded mining permits to begin producing gold at two reserves in northwest Kyrgyzstan.
The licenses are the green light Highland has been waiting for to exploit its subsoil gold resources at the richly endowed Unkurtash and Karatube prospects.
The authorization “is an important milestone for the company,” it said in a statement.
Highland will also continue exploration of the area located on the Tien Shan gold belt with the aim of increasing the current resource base to expand it into a world-class open-pit mining operation.
Russian billionaire and Chelsea Football Club owner Roman Abramovich has a 40 percent holding in Highland Gold.
In a related development, the Kyrgyz government announced Wednesday that Chinese firm Central Asian Tin Company plans to develop tin and tungsten deposits on two properties recently acquired in eastern Kyrgyzstan.
The Kyrgyz government has transferred two parcels of land in Issyk-Kul province for the project lasting 16 years, the KNews.kg agency reported.
Central Asian Tin Company acquired 253 acres of territory in the Jeti-Oguz district to exploit tin and 77 acres in Ak-Suu district for tin and tungsten.
The company agreed to hand over a percentage of its monthly income to the budgets of both district authorities as part of the deal.
The firm is authorized to mine the metals until 2028.