•  Gold Price:  
  • 1242.87
Company history
The history of Auriant Mining AB
began in 2004.

Auriant Mining was created in 2004 with the acquisition of the Tardan property in the Republic of Tyva by a group of entrepreneurs and Swedish investors. In order to raise financing to develop the project the Company listed, as Central Asia Gold (CAG), on the NGM Nordic Growth Market on 29 March 2005. In 2005 first gold was poured at Tardan (from the Kopto deposit) and the Company acquired another exploration license – the Sivo gold deposit in the Republic of Buryatia. In 2006, the Company acquired the Kopylovskoye, Artel Lena, Artel Tyva, Uzhunzhul and Kara-Beldyr deposits and licenses and started gold production at Tardan.

In 2008, in order to develop the large, greenfield Kara-Beldyr gold deposit in the Republic of Tyva, CAG entered into a joint venture agreement with Centerra Gold, a major Canadian gold producer. Under the terms of the agreement, Centerra Gold would earn-in by continuing exploration activities. With exploration substantially completed, Centerra Gold currently owns 70% of Kara-Beldyr.

In the same year a strategic review of the Company’s development led to completing a merger with NMC (a company owning a number of Russian gold mines and licenses) in March 2009. As part of the merger, the Kopylovskoye property was spun off into a separate company called to Kopylovskoye AB to existing shareholders (one share in CAG entitled the owner to one share in Kopylovskoye AB). The merger with NMC made CAG the owner of a number of Russian gold mining subsidiaries. One of the owners of NMC, the American entrepreneur Preston Haskell, became the main shareholder of Central Asia Gold and a new management team, with Preston Haskell, as executive director was appointed.

On 19 July 2010 the Company, as part of a rights issue, changed its listing to the NASDAQ OMX First North Premier stock exchange in Sweden as a step towards ultimately seeking a listing on the NASDAQ OMX main market.

In 2010 and 2011 rationalisation of the Company’s gold assets occurred and a decision was taken to disengage from alluvial mining and focus on hard rock gold gold mining – primarily through the use of heap leaching and gravitational technologies. As a result, several alluvial licenses were sold off, except Borzya, which is included within the Staroverenskaya exploration and production license in Zabaikalsky Krai and is currently operational as part of the Company’s Solcocon production unit. In May 2014 Borzya as a legal entity was liquidated. Alluvial production continues at Borzya and is outsourced to an experienced alluvial operator – Urumkan, with the Company receiving a royalty on gold production.

In 2012 the Company’s management was reorganised and a new strategy adopted. As part of the Company’s goal of becoming an efficient, intermediate gold producer the new strategy focuses on three main areas. 1) Over the short term focus on existing assets and ramping up production at existing mines to achieve full production capacity. 2) Organic growth over the medium through continuing exploration on existing properties to expand the Company’s resource base, extend mine lives, and bring new mines into production. 3) Over the medium to long term seek consolidation opportunities in the Russian gold sector.

As part of the reorganisation, the Company’s name in 2012 was changed to Auriant Mining AB. Denis Alexandrov, a well-respected figure in the Russian gold mining industry, was appointed CEO, and he substantially changed the management team. A new Board was also appointed, with Preston Haskell remaining as Chairman. In August 2012 the Tardan heap leaching plant was commissioned and Tardan currently contributes the majority of Auriant’s gold production.

In 2013 Auriant Mining produced 1,142 kg (36,716 oz) of gold, a 78% increase on the previous year, and is currently Russia’s largest, publicly traded, junior gold producer.

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