27 Nov '09
The total cost of the Pavlik golden ore mining factory in Magadan Region has been estimated at $150m, RIA Novosti reports, citing Alexei Titov, a senior vice-president of Globex Bank. The bank is one of the project creditors.
Globex is reportedly considering buying into the Pavlik company or getting loans repaid with gold supplies.
Under plans, the Ravlik company will complete construction of the factory and start producing gold in Q1 2011.