Indian-driven gold mining project in Russia praised at BRICS Summit

Indian-driven gold mining project in Russia praised at BRICS Summit

Kluhwesky Gold Mining Project, launched by Sun Gold Limited, India, is being seen as the first public public-private partnership investment project to be started by all BRICS member-states partners.

Kluhwesky Gold Mining Project, launched by Sun Gold Limited, India, is being seen as the first public public-private partnership investment project to be started by all BRICS member-states partners.

China National Gold Group Corporation, Russian Sovereign Investment Fund, Far East and Bikal Area Development Fund (FEDF), and Brazilian and South Africa's leading private investment and business leaders, are partnering in the project located in Chita area of Eastern Siberia.

Indian-driven gold mining project in Russia praised at BRICS Summit

In the multinational joint venture Kluchevskoye gold deposits, you will see a significant open-pit mines change, which produces an estimated gold production of more than 6.5 tonnes annually. Pre-production investment of USD 500 million is planned, China National Gold Shareholder and As a technical partner.

One of the world's leading gold companies will provide CNG management and development expertise, whereas the old Indian group of the century has brought 60 years of work experience in Russia, in which many important businesses have been undertaken in the country, including Sun Brewing, One of the biggest beer companies in the region

FEDF's partnership project will bring regional investment and political support, and the Russians will provide further opportunities for gold and copper mining in the Far East.

South African and Brazilian investors want to add a dimension to creating joint investment and industrial platform for growth in Africa and Latin America.

Indian-owned Sun Group Vice President Shiv Khemka told PTI at the summit, "This project has given us a sense of how BRICS really can work in a practical way where we can use supplemental powers."

"It is a different way of looking at things through two different lenses to bring the expertise of those countries together, which we hope will be very successful."

He said that his company had purchased a Siberian mine in 2007 because it was seen around for old mines which used to provide opportunities.

Khemka said, "Local government was very helpful, so it was important to us." He has been in Russia for 25 years and has started many companies there.

Ivor Ichikovitz, Chairman of TransfiCa Capital said that this project has made an important step in the development of BRICS.

"It is such projects that not only have real economic impact on economic development, but also more importantly affects the life of the citizens while generating jobs, while the BRICS brings collectively close proximity."

The chairman of the BRICS Business Council, Iqbal Survey, was optimistic about the enterprise employed as a model for multilateral cooperation for other countries.

"This innovative model of public and private partners of BRICS countries can also be used as a model to deal with important projects in non-BRIC countries, as well as for economic development, led by cooperation, cooperation and investment. Creating sustainable models, promoting industrial development and providing turnkey, sustainable job creation, "the survey said.