KazakhGold to fund new mines
LONDON. February 27. KAZINFORM. London-listed KazakhGold Group Ltd has announced plans to invest US$350 million through 2008 to develop two new mines and boost output at three existing mines. Of the planned investment - which includes US$200 million the company raised selling bonds in October - about US$75 million will come from a London share sale and the balance will be supplied from operational profits, said Bloomberg, citing Aidar Asaubaev, vice president of KazakhGold. KazakhGold produced 45,986 oz of the metal in the December quarter, while output for the full year more than tripled to 219,853 oz. KazakhGold Group is one of the leading gold mining companies in Kazakhstan and its main assets are the Aksu, Bestobe and Zholymbet mines in the north of the country, Kazinform cites Mining Magazine, UK.