Kupol Gold Mine
Northern view of the Kupol Gold Mine
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| Location | |
|---|---|
| Location | Bilibinsky District |
| Federal subject | Chukotka Autonomous Okrug |
| Country | Russia |
| Coordinates | 66°47′0″N 169°33′0″E / 66.78333°N 169.55000°ECoordinates: 66°47′0″N 169°33′0″E / 66.78333°N 169.55000°E |
| Production | |
| Production | 554,008 |
| Financial year | 2010 |
| History | |
| Opened | 2007 |
| Active | 2007–present |
| Owner | |
| Company | Kinross Gold |
| Website | kinross.com |
| Year of acquisition | 2007 |
Kupol Gold Mine is a combination underground and open pit gold and silver mine in the Bilibinsky District of the Chukotka Autonomous Okrug of Russia. The mine, which produces gold and silver doré bars, is 100% owned by Toronto based Kinross Gold. The name Kupol (Russian: купол), literally means "dome".
Development of the mine began in 2005 on a property owned by the Bema Gold Corporation. Bema Gold financed construction through a series of loans totaling $425 million. Bayerische Hypo und Vereinsbank and Société Générale provided $250 million, and $150 million was provided by an international consortium made up of Caterpillar, Export Development Canada, International Finance Corporation, and others. Bema Gold's corporate office loaned the remaining $25 million. In addition to the loans, the government of Chukotka Autonomous Okrug provided an additional $18 million to support construction. In 2007, Kinross purchased a 75% stake in the mine with its acquisition of Bema Gold; the remaining 25% ownership came in 2011 through a purchase of one of Kinross' subsidiary companies. The mine began producing its first gold ore in 2008.
The Kupol Gold Mine is located north of the Arctic Circle in the Chukotka Autonomous Okrug (historically mined by prisoners during the early Soviet era). The nearest town is 220 kilometres (140 mi) away. The mine employs 1,200 workers; those who reside in the far east of Russia work on a four-weeks-on, four-weeks-off schedule, while those who live farther away have a six-weeks-on, four-weeks-off rotation. Worker salaries are 25 percent above the regional average. The $40 million workers camp includes a full-size gym, sports hall, pool tables, music room, library, prayer room, televisions, and video library. An enclosed, 900-metre (3,000 ft) tunnel, dubbed the "Arctic Corridor", allows workers to travel between the camp and the mine without exposure to the cold during winter.
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