U.S. company to invest in gold mining in western Ukraine

U.S. company to invest in gold mining in western Ukraine

U.S. company Avellana Gold has developed a project to extract gold and gold-polymetallic ore in Zakarpattia region and intends to invest about $100 million in it.

This has been reported by the Ekonomichna Pravda online publication with a reference to the State Service of Ukraine for Geodesy, Cartography and Cadaster.

"Despite the military situation in our country, the investor agrees to invest private capital, to bring the project to competition with world analogues and to launch it within the terms stipulated by licensing conditions," the report said.

According to Head of Ukraine’ Service for Geodesy Mykola Boiarkin, Ukraine expects for the launch of two-three junior companies more that will be able to compete in the international market.

“If the project is successfully implemented, we expect another 2-3 junior companies will be launched in Ukraine and they should become significant competitors to similar projects in Canada, Australia and Africa. This is one of those extremely important anchor projects, which the Service has been developed for months. One of our tasks is to include it in the list of basic [projects] at the level of investment projects of the country,” Boiarkin said.


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