Kupol Gold Mine, Bilibinsky District, Chukotka, Siberia, Russia

History
Development of the mine began in 2005 on a property owned by the Bema Gold Corporation. Bema Gold financed construction through a series of loans totaling $425 million. Bayerische Hypo und Vereinsbank and Société Générale provided $250 million, and $150 million was provided by an international consortium made up of Caterpillar, Export Development Canada, International Finance Corporation, and others. Bema Gold's corporate office loaned the remaining $25 million. In addition to the loans, the government of Chukotka Autonomous Okrug provided an additional $18 million to support construction. In 2007, Kinross purchased a 75% stake in the mine with its acquisition of Bema Gold; the remaining 25% ownership came in 2011 through a purchase of one of Kinross' subsidiary companies. The mine began producing its first gold ore in 2008.