Nordgold to Invest RUB 70 Billion in Lenotap Ore Field Development

en.Wedoany.com Reported - On September 3, Nordgold, the Russian Far East and Arctic Development Corporation (KRDV), and the Government of the Chukotka Autonomous Okrug signed a cooperation agreement for the Lenotap project during the 11th Eastern Economic Forum. The project plans to build a mining and processing plant (GOK) in Chukotka, with total investment estimated at approximately RUB 70 billion, and is expected to create about 1,000 jobs upon implementation. The agreement was signed by Nordgold CEO Georgy Smirnov, Governor of the Chukotka Autonomous Okrug Vladislav Kuznetsov, and KRDV CEO Nikolay Zapryagaev.

The Lenotap ore field is located in the Egvekinot municipal district of the Chukotka Autonomous Okrug. Nordgold confirmed that it has held the license for this deposit since 2026; the scope of this cooperation covers a package of works for the potential construction of a mining and processing plant. The list of mining projects at the Eastern Economic Forum subsequently published by KRDV also includes Lenotap as a new mining and processing plant project in Chukotka.

Nordgold's entry into this project followed the completion of an asset acquisition in July this year. On July 7, its subsidiary Nordgold Development acquired a 100% stake in Novaya Syryevaya Kompaniya (NSK), the project's previous holder. NSK had previously signed a Lenotap development agreement with the Government of the Chukotka Autonomous Okrug, at which time the project was at the exploration and development preparation stage.

The 2025 project plan divided Lenotap development into four stages, with reconnaissance evaluation and geological exploration to be carried out from 2025 to 2028, followed by trial mining, engineering design, and construction of the mining and processing plant; commissioning was then planned for 2032, with initial investment of approximately RUB 500 million. The project's historical estimated resources of P1+P2 exceeded 69 tonnes of gold, and it was described as a gold mineralization area with open-pit mining potential. The aforementioned 69 tonnes falls under the historical estimated resource category and does not constitute approved mineral reserves.

This tripartite agreement increases the project investment scale to approximately RUB 70 billion. Nordgold's current announcement positions Lenotap as a development project for a new mining and processing plant and a full production system, with the project license, investing entity, and government cooperation mechanism all clearly defined.