Putin scolds Tomtor rare earth deposit’s operator over development delays
Located in the north of the Siberian region of Yakutia, Tomtor is a key project in Russia's plans to boost output of rare earth.
Dundee Precious Metals (TSE:DPM) was up 4.83% to close at $8.89 Thursday, on news that the Bulgarian government has approved the environmental impact assessment (EIA) for its Krumovgrad gold project.
“Since initially embarking on this project in 2005, we have made great efforts to develop a comprehensive plan for Krumovgrad that addresses the concerns of the community and will prove to be economically beneficial for Bulgaria and the local community, as well as DPM and its shareholders,” President and CEO Jonathan Goodman said in a statement.
The mine plan envisions an open pit mining operation with a processing plant employing conventional crushing, grinding and flotation processing for gold extraction, and the disposal of thickened tailings, together with mine rock waste, in an integrated mine waste facility. A new feasibility study is expected by the end of November.
The Bulgarian Council of Ministers granted a 30-year concession on the Khan Krum Deposit in Krumovgrad to DPM’s subsidiary, Balkan Mineral and Mining Limited, earlier this year, which was subject to the approval of the EIA, DPM explained. The approval allows the company to advance the Krumovgrad project.
Dundee Precious Metals has two producing mines, the Chelopech gold/copper/silver operation in Bulgaria, and the Kapan operation in Armenia, which produces a gold, copper, zinc and silver concentrate.
Image of drilling at the Ada Tepe deposit, Krumovgrad gold project, is by Dundee Precious Metals.
