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Avellana Gold discusses specifics of doing business in Ukraine with UkraineInvest representatives Avellana Gold discusses specifics of doing business in Ukraine with UkraineInvest representatives

Avellana Gold CEO Brian Savage had a meeting with representatives of investment promotion company UkraineInvest in Kyiv. In the course of meeting the companies discussed efficient ways of doing business in Ukraine. According to Avellana Gold, investment climate in Ukraine is improving and the country is becoming more and more attractive for business, yet foreign investors often e...

Avellana Gold CEO Brian Savage had a meeting with representatives of investment promotion company UkraineInvest in Kyiv. In the course of meeting the companies discussed efficient ways of doing business in Ukraine.

According to Avellana Gold, investment climate in Ukraine is improving and the country is becoming more and more attractive for business, yet foreign investors often encounter bureaucratic difficulties.

“Our meeting with UkraineInvest testifies to the stage that Avellana is currently at. I think that Ukraine is interested in understanding all the challenges that an investor may encounter here. UkraineInvest gave us good advice on how to deal with such challenges and expressed interest in our progress of growing as a company,” Brian Savage, CEO of Avellana Gold said.

Avellana Gold has developed a unique polymetals mining project in Zakarpattia and plans to invest around 100 million $. The project will allow for construction of a technologically advanced enterprise that Ukraine has not had for the past 20 years.

“We feel that it is possible to do business in Ukraine and that the government is involved in attracting investment. At the same time, some very insignificant problems may become critical for an investor. We are, first of all, referring to bureaucracy – the company got all permits for doing business but the very process of document issue is being delayed. We are hoping that with the help of UkraineInvest recommendations and attraction of business ombudsmen we will be able to solve all the problematic issues,” Andriy Smolin, representative of Avellana Gold in Ukraine, stated.

It should be reminded that in 2016 Avellana Gold bought Carpathian Mining Company and Western Exploration Company that hold special permits for exploration and mining of polymetal ores in Western Ukraine (Muzhiivske, Berehivske and Kvasivke deposits).

5 Top Gold-producing Countries 5 Top Gold-producing Countries

The last year was an eventful one for the gold price. According to the most recent data from the US Geological Survey (USGS), the gold price rose about 9 percent year-on-year, while the Engelhard daily gold price fluctuated through several cycles. Read on to learn more about the top gold-producing countries of the last year, based on the most recent numbers reported by the USGS. 1. China Mine ...

The last year was an eventful one for the gold price. According to the most recent data from the US Geological Survey (USGS), the gold price rose about 9 percent year-on-year, while the Engelhard daily gold price fluctuated through several cycles. Read on to learn more about the top gold-producing countries of the last year, based on the most recent numbers reported by the USGS.

1. China
Mine production: 455 MT

Once again, China was the world’s top gold-producing country with output of 455 MT. The country has now held that position for 10 years in a row.
In addition to being the top producer of gold, China is the world’s largest gold consumer, and has been for four straight years, according to the World Gold Council. That said, gold consumption in China dropped 7 percent in 2016. The drop was the result of higher gold prices and strained supply in the fourth quarter.

2. Australia
Mine production: 270 MT

Gold production in Australia took a bit of a tumble in 2016, dropping from 278 MT in 2015 to 278 MT.
That decline may have come because the country’s biggest gold producer, Newcrest Mining, reported a drop off in production in 2016. Specifically, the company noted that production from its Cadia operation was lower and said that it sold a mine in Papua New Guinea.

3. Russia
Mine production: 250 MT

Russia’s gold production held steady in 2016, but the country plans to increase output over the next decade or so; in 2016, it was reported that the country is planning to raise its annual gold production to 400 tonnes by 2030. Most of its additional gold will come from the development of local gold ore fields.
According to the USGS, Russia holds 8,000 MT of gold reserves, second only to Australia at 9,500 MT.

4. United States
Mine production: 209 MT

US gold production dipped last year, dropping from 214 MT in 2015 to 209 MT in 2016. Most of the gold in the country was produced at more than 40 lode mines, several large placer mines in Alaska and a number of smaller placer mines in the western Us.
The USGS further notes that the 26 top operations in the country were responsible for 99 percent of its gold output.

5. Canada
Mine production: 170 MT

Gold production in Canada rose noticeably in 2016. Last year, the country reported output 170 MT of gold, compared to 153 MT in 2015.
It appears as though gold production in Canada is only going to grow from hereon out. In February 2017, Agnico Eagle Mines announced plans to expand an existing gold mine and develop another one in Nunavut; they are expected to become operational in 2019.

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Avellana Gold joins European Business Association Avellana Gold joins European Business Association

Avellana Gold got new opportunities for running business in Ukraine and establishing cooperation with world leaders in different spheres. The Company has recently joined European Business Association – one of the most influential communities, which represents investors in Ukraine in order to improve investment climate in the country. European Business Associa...

Avellana Gold got new opportunities for running business in Ukraine and establishing cooperation with world leaders in different spheres. The Company has recently joined European Business Association – one of the most influential communities, which represents investors in Ukraine in order to improve investment climate in the country.

European Business Association decided to admit Avellana Gold to its membership on June 19.

“As a member of European Business Association Avellana Gold will be able to establish business relations with leading Ukrainian and foreign companies that work in Ukraine. What is also important is that membership in this organization testifies to Company’s obligation to work using the principles of transparency and comply with European business standards”, Andriy Smolin, the representative of investor of Avellana Gold in Ukraine, said.

Membership in European Business Association gives investor companies an opportunity to establish partner relations with government, which will also boost economic growth of Ukraine.

“I hope that in the nearest future Avellana Gold, which will be exploring a polymetal deposit in Zakarpattia region, will become involved in a productive dialogue with the government. Investment climate in Ukraine is really changing for the best. We can become an attractive country for running business and investment and European Business Association may facilitate this”, Andriy Smolin remarked.

Reference:

European Business Association is the largest non-governmental business community comprised of nine hundred leading companies working in Ukraine. The main objective of association is to establish partner relations between European businesses and representatives of Ukrainian government to create favourable conditions and attract foreign investment. European Business Association was founded on the initiative of European Commission, which has an interest in supporting European business in Ukraine.

"This is a great step toward increasing the investment attractiveness of Ukraine" - CEO Avellana Gold on ratification of the Agreement on Trade in Canada and Ukraine

Senate of Canada ratified an agreement on free trade with Ukraine.The Senate Committee on Foreign Affairs and International Trade is confident the trade deal will benefit both countries’ economies and signal Canada’s strong, ongoing support for an emerging democracy and a longstanding partner. Free Trade Agreement Implementation Act was adopted with one accord. This is more than just a free ...

Senate of Canada ratified an agreement on free trade with Ukraine.The Senate Committee on Foreign Affairs and International Trade is confident the trade deal will benefit both countries’ economies and signal Canada’s strong, ongoing support for an emerging democracy and a longstanding partner.

Free Trade Agreement Implementation Act was adopted with one accord.

This is more than just a free trade agreement. In addition to the reduction of tariffs (Ukrainian goods entering Canada would be duty-free), it includes a clause on anti-corruption mirroring the Criminal Code of Canada, as well as environmental protection requirements. For Canadian companies, the deal will give unfettered access to a market of 45 million potential customers.

Acknowledging that the Ukrainian government is making great strides towards democracy, committee members look forward to the day when Ukrainians can enjoy the freedoms and benefits that come with living in a vibrant, thriving democracy.

The committee believes this agreement is an important signal of Canada’s commitment to openness in trade and investment and will further deepen Canadian-Ukrainian relations.

"We welcome this long-awaited decision. We also consider it a great step in increasing the investment attractiveness of Ukraine. A free trade agreement with Ukraine opens a lot of opportunities", - says Brian Savage, CEO Avellana Gold.

Avellana Gold will apply only environmentally friendly technologies in polymetal mining Avellana Gold will apply only environmentally friendly technologies in polymetal mining

Environmental situation in the territory of Muzhiyevo deposit is difficult, since after the activity of previous mining companies ore dumps have been left in the vicinity. They contain concentrated ferric sulphides and other heavy metals oxidizing surface water run-offs. Elimination of such consequences is the primary task of Avellana Gold in the territory: the company has already start...

Environmental situation in the territory of Muzhiyevo deposit is difficult, since after the activity of previous mining companies ore dumps have been left in the vicinity. They contain concentrated ferric sulphides and other heavy metals oxidizing surface water run-offs. Elimination of such consequences is the primary task of Avellana Gold in the territory: the company has already started reclamation and intends to invest about 50 mln. dollars into it, and in total invest twice as much into the deposit development project.

As the head of Avellana Gold, American investor Brian Savage states, as of today the company has already got acquainted with the history of the field development. There has been developed a new project that aims to ensure comprehensive field development and avoid environmental problems caused by the previous operator. There has already been cleaned the pond-water setting area, located at the entrance to Muzhiyevo. The company also installs environmental filters with limestone and zeolites, designed for discharge water neutralization. ‘So far there are 450 tons of dumps close to the deposit, and we as the investing company must liquidate them on our own. Otherwise, one cannot start mining there’, – states Savage.
Unlike companies-predecessors that used to mine polymetals here, Avellana Gold will use only innovation technologies that are environmentally safe, viz. flotation method. This technology is much safer that cyanation (cyanide) that was used before, in the 80ies, and that affected the environment.
The field development project of Avellana Gold in Zakarpattia is an absolutely new technological project, with no counterparts over the past 20 years. It is the first in Ukraine to create opportunities for mining business development due to private foreign capital. The production place is expected to provide some 500 people with jobs for the nearest 30-40 years.
Let us recall that last year Avellana Gold acquired companies Carpathian Ore Company (Karpatska Rudna Kompaniya) and Western Exploration Company (Zakhidna Heolohorozviduvalna Kompaniya), which have got special permissions for mining and exploration of polymetallic ores in Berehovo ore field (Muzhiyevo, Berehovo and Kvasove fields). Over 2017 the company will only be preparing Muzhiyevo field for operation, and next year it intends to start gold mining here.