Through Stephen Lay, MMC was providing Project Management services to Celtic Resources Holdings Plc for the development and start up of the Nezhdaninskoye Gold Mine, Russia’s second largest undeveloped gold deposit.
Exploration started in the 1950‘s with the first gold produced in 1975, since, only about 2 million tonnes has been mined producing 285,000 ounces of gold. Considerable infrastructure was developed supporting a township of 3,000 people just 300km from Omykyon, purported to be the coldest inhabited place in the world.
117 orebodies have been identified of which only 18 have been explored significantly. The Russian in-situ geological resource identifies almost 30 million ounces of gold and 100 million ounces of silver.
MMC’s involvement included: management of the Nezhdaninskoye mine, process plant and site; assistance with the Feasibility Studies; and, Stephen Lay as Project Director working closely with Barrick Gold.
In 2006 Celtic Resources sold their share in Nezhdaninskoye to Russian company Polyus.