An American company will invest $ 100 million in gold mining in Transcarpathia

The American company Avellana Gold has developed a project for the extraction of gold and gold-polymetallic ore in Transcarpathia and plans to invest in it about 100 million dollars.

This was reported by the Ekonomichna Pravda with reference to the State Land Cadastre.

"Despite the war in our country, the investor agrees to invest private capital, make the project competitive with global counterparts, and launch it by the time stipulated in the licensing conditions," – the statement reads.

According to the head of the State Geology and Mineral Resources Service Mykola Boyarkin, Ukraine expects to launch another 2-3 junior companies that should compete in the global market.

"In case of the successful implementation of the project, we expect to launch another 2-3 junior companies in Ukraine, which should become significant competitors of similar projects in Canada, Australia, and Africa. This is one of those extremely important anchor projects, that the Service has been woking on for several months. One of our tasks is to include it to the list of basic investment projects of the country," – he believes.

The company plans to develop a new infrastructure and strategy for the development of Muzhiyevo deposit using modern equipment. The old infrastructure of Muzhiyevo deposit limited the capabilities of the mine – the volume of production reached 120 thousand tons per year.

Currently, investors plan to organize high-performance production for a long-term perspective with an annual production of 500 thousand tons.

Earlier it was reported that the Private Deposit Guarantee Fund announced the search for an investor to withdraw insolvent Hefest Bank from the market.

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