N e w s

The group of companies "Kaskol" will register JSC "The Mining Company "Dukat" for the exploitation of Dukat GOK, as it was informed by Mr. S. Nedoroslev. 25% of shares will belong to "Polimetall", the strategic partner of "Kaskol" that specializes in the development of precious and rare metals. Mr. Nedoroslev said that new company will be able to restore the ore mining and processing enterprise at the silver deposit "Dukat" within a year, after what the standing factory will be able to process 500 thousand tones anually. Not more than 30 million dollars will have to be spent for the medernization of the factory and most of it will be spent on the purchasing of new equipment. Unfortunately, "Kaskol" still can not get on the territory of the Dukat GOK, because the security service of "Serebro Dukat" does not allow it. Mr. Nedoroslev said that "Kaskol" will dispute this collision in court of Magadan region and expressed his confidence in the positive solution of the case. As the PRIME-TASS has already informed, the Joint-Venture "Serebro-Dukat" was established by the Canadian company Pan American Silver Corp. and the JSC "Geometal-plus", which received the license for the development of Dukat deposit in 1998 and obliged to invest from 160 to 212 million dollars in its development. The property of the ore mining and processing enterprise "Dukat" was actioned in 1999 and "Serebro-Dukat" lost the auction. The winner of the auction was "Kaskol" company which pais 12 million dollars by the end of 1999 for the property. The attempt to dispute the results of the auction did not succeed. However, security, without any reasons does not let the owners of the factory on its territory.

Source: PRIME-TASS