Business
Interim Management Statement
Interim Management Statement.
About this update from Kazera Global Plc
[{"type":"text","content":"\n RNS Number : 5493C KazakhGold Group Ltd 16 November 2009 \n \nKazakhGold Group Limited (LSE: KZG)\nInterim Management Statement\n\n16 November, 2009\n\nKazakhGold Group Limited (\"KazakhGold\" or the \"Company\") is today pleased to provide an update of the operations of KazakhGold and its subsidiaries (the \"Group\"). since the completion of the partial offer by Jenington International Inc. (\"Jenington\"), an indirect wholly-owned subsidiary of OJSC Polyus Gold (\"Polyus Gold\"), in August 2009.\n\nOperational highlights: \n\n\n9 months 2009 gold production of 54.9 k oz (of gold in flotation concentrate)\n\n\n9 months 2009 average gold price received of US$ 762.5 per ounce1, on sales of 52.2 k oz\n\n\nThe poor condition of much of the Soviet-era sub-surface mine infrastructure has made it increasingly difficult to gain safe access to the high grade ore deposits. During the first 6 months of 2009, the Group achieved the following results:\n\n\nStable growth of production volumes - from 169.7 kg of gold in January to 215.3 kg in June, despite funding constraints of current operating activity.\n\n\nResumed production at heap leaching facilities at Aksu and Bestobe, which had ceased in the end of 2008 due to the crisis and lack of financing.\n\n\nVentilation shaft overhaul completed at Bestobe from the zero depth mark to 160 m horizon; shaft furniture overhaul and rewiring of the West shaft from the zero mark to 340 m horizon performed. Water treatment facilities and drinking water pipeline constructed and launched.\n\n\nAfter several years of downtime, shaft №39-41 at Aksu was reconstructed and brought into production. Overhaul and maintenance works were performed at a number of operating and administrative facilities.\n\n\nOxygen plant construction was completed at Zholymbet in preparation for commissioning. Overhaul and maintenance works were performed at production workshops and the mill and mine site fence. \n\n\n\n\n\n\nPartial Offer\n\nFollowing the partial offer in August 2009, KazakhGold became a 50.1%-owned subsidiary of Polyus Gold, the largest gold produ...