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

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

Kupol Gold Mine is a combination underground and open pit gold and silver mine in the Bilibinsky District of the Chukotka Autonomous Okrug of Russia. The mine, which produces gold and silver doré bars, is 100% owned by Toronto based Kinross Gold. The name Kupol (Russian: купол), literally means "dome".
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.

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Keywords:#kupol #gold #mine #bilibinsky #district #chukotka #siberia #russia
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Date added:Nov 05, 2015
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