Despite political uncertainty in the former Soviet Union, Goldbelt Resources (VSE) expects to complete financing by the third quarter of 1993 for construction of a gold tailings project in Kazakhstan.
Last April, Goldbelt appointed N.M. Rothschild to advise on the financing arrangements, which are continuing.
Through the acquisition of a Luxembourg company last year, Goldbelt can earn a 50% interest in the project by completing feasibility work and arranging financing.
The feasibility, now complete, projects the capital cost at about US$43 million. Output during the first five years is estimated at 608,000 oz. gold and 2.5 million oz. silver, at cash costs below Western averages. Goldbelt spokesman Robert Swenarchuk said he is not concerned about recent events in Russia, and their effect on the project, since Kazakhstan is now a separate country.
At the time of the original acquisition, the Luxembourg company also had an option to earn a 50% interest in the Udokan copper project in Russia.
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