Nordgold leaves Pistol Bay project in Canada

Nordgold leaves Pistol Bay project in Canada

By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News, January 25, 2023

At the end of December, gold miner Nordgold completely withdrew from the Pistol Bay exploration project in Canada, announced a press release.

According to Nordgold, BG Gold Capital, an Ontario-based company, has become the new owner of the project. Nordgold has not disclosed any details. According to the Canadian registry, BG Gold Capital was established in mid-December.

Pistol Bay is an exploration project on the western shore of Hudson Bay in Nunavut, northern Canada. The licensed area covers 860 sq. km. In 2020, Nordgold estimated the resources of the Vickers mine, which is part of the Pistol Bay project, at 1.58 million ounces of gold at an average grade of 2.2 g/t.

Nordgold began investing in Pistol Bay in 2011, entered the capital in 2014 and gradually increased its share until it consolidated 100% in 2016. The operator of the project was then valued for a buyout of approximately 29 million Canadian dollars (about $22 million).

Read also : How to invest in gold

In 2022, Nordgold, along with Severstal, Alexei Mordashov and his family members, was included in the Specially Designated Nationals And Blocked Persons List (SDN) of the OFAC, a department of the U.S. Treasury.

Nordgold closes the top 5 gold miners in Russia. The group also includes assets in Kazakhstan, Guinea and Burkina Faso. The controlling shareholder with a share of about 52% is Marina Mordashova.

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© Copyright 2023 – Swann Collins, investor, writer and consultant in international affairs.

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