Local news24 Jan 2024 09:15
A major deal is underway in the mining industry. The process of merging "Step Gold" company "Boro Gold" LLC, which is listed on the Toronto Stock Exchange, continues, and the parties have signed a purchase agreement. "Step Gold" is implementing the Golden White Piles project. The project is located in Tsagaan-Owoo Sum, Dornod Province. Founded in 2016, "Step Gold" had an IPO on the Toronto Stock Exchange in 2018 and attracted investment.
Gold production at the Altan Tsagaan Oovo project began in 2020 and uses heap leaching technology. More than 350 people are working on the project. 99 percent of them are Mongolians. Altan Tsagaan Oovo is the main gold deposit.
"Boro Gold" company was established in 1997. Based on Boroo's main gold deposit, continuous operations have been carried out in Mandal and Bayangol sums of Selenge province since then.
As a result of the above transaction, the annual production volume of "Step Gold" company will increase by three times, and it will become the largest gold producer in the country. The merger of two companies that own major gold deposits not only attracted the attention of investors, but also increased the share price of Step Gold on the stock exchange.
As a result of the deal, Step Gold's current reserves are expected to be valued at more than 4 million ounces of gold. "Step Gold" has invested more than 80 million US dollars in the first stage of the Altan Tsagaan Oovo project it owns. The flotation plant will be put into operation this year as part of the construction of the second phase of the project.
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