Avellana Gold is investing $5 million to clean up 130,000 tons of waste in order to re-launch production at Ukraine’s only gold mine. The waste was left a decade ago by the previous producer at the site in Muzhievo, 70 km east of Uzhgorod, near the Hungarian border. The Cyprus-based consortium of US, UK and South African investors plans to produce gold, silver, lead, and zinc. Avellana CEO Brian C. Savage says: “The metal from our mine will be enough to produce 300,000 batteries a year and will cover the country’s need for zinc imports.” Avellana plans to process 500,000 tons of ore per year, employing 500 workers. Investment was slowed by a raider attack.
Avellana Gold is investing $5 million to clean up 130,000 tons of waste in order to re-launch production at Ukraine’s only gold mine.
