Nutekin alluvial gold project in Chukotka to cost 7 bln rubles, produce 0.7 tpy

VLADIVOSTOK. Sept 3 (Interfax) - The Far East and Arctic Development Corporation (FEDC), the governor of Chukotka and Overbest Rus agreed at the Eastern Economic Forum to establish a company to mine alluvial gold at the Nutekin deposit.

The project calls for raising 7 billion rubles of investment and is expected to produce about 700 kg of gold per year, the FEDC said in a press release.

"For our company, the launch of the project at the Nutekin deposit is a strategic decision to strengthen positions in one of the most promising gold-bearing regions of Russia by laying a foundation for further development in the region," Overbest Rus CEO and owner Denis Martyanov was quoted as saying by the FEDC.

Overbest invests in coal projects, lumber production and nonferrous and rare earth metals, among other things, according to the company's website.