Location
East and Central Kazakhstan
Commodity
Expansion Underway
Stage
Pre-Production / Advanced Exploration
Ownership
Core Mining Group Ltd. (Kazakhstan subsidiary)
Operator
Hudson Heartland (Operational Partner)
License Type
Mining and Exploration Licenses (combined area over 54 km²)
Hudson Heartland, through Core Mining Group Ltd., is expanding two open-pit gold mines in Kazakhstan – Vasilyevskoye-Boko (VB) and Zhaltyrbulak (Z). Both assets are currently producing gold via heap leaching of oxide ore and are being upgraded for long-term sulphide ore processing. The project generates approx. $10M USD/year in current cash flow, with significant growth potential through resource expansion and infrastructure upgrades.
Combined Oxide and Sulphide Resources:
– Vasilyevskoye-Boko: 18.8 million tonnes @ 1.65 g/t Au
– Zhaltyrbulak: 15.7 million tonnes @ 1.11 g/t Au
Total Estimated Gold: Over 1.4 million ounces (NI 43-101 compliant, indicated and inferred)
Both mines are open-pit operations with current oxide production and plans for deepening into sulphide zones.
– Strip ratios: VB = 1:5.8 | Z = 1:4.2
– Waste management and expansion plans in place
– Existing heap leach operations active at both sites
– VB upgrades include new crushers, agglomeration unit, resin-stripping, and on-site doré production
– Sulphide Processing Plants (Under Construction):
• VB: Refractory ore – BIOX®, flotation, grinding, CIL circuit
• Z: Free-milling ore – Conventional CIL plant
• Each: 2M tonnes/year capacity
• Tailings: Dry stack integrated with leach pad infrastructure
– Grid power, water treatment, on-site labs, full employee housing
– New western-style accommodation at VB
– Power upgrades underway for sulphide plant capacity
– Currently cash-flow positive
– Forecast AISC: $1,130–$1,167/oz
– Combined NPV (10%, after tax): $108M USD
– IRR: 18–24% depending on gold price and hedge
– Capex: $225M total incl. acquisition, processing plant, infrastructure
– Hedging optionality with gold pricing above $1,800/oz
Operational with oxide heap leach; sulphide plant at Z under construction; VB sulphide in final design phase.
Operated by Hudson Heartland with Canadian and expatriate site leadership. Local technical and operational staffing in place.