Steppe Gold announced the acquisition of the Boroo Gold mine in Mongolia. With this acquisition, Steppe Gold becomes the country’s largest gold producer, providing a strong platform for further growth in Mongolia with the goal of owning a portfolio of projects at various stages of development.
Boroo Gold produces over 60,000 oz annually and has an expected mine life beyond 2030, averaging 50-60k oz over the next seven years, with strong operating margins and an AISC of ~$1,000. This strong cash flow will provide the needed financial support for Steppe Gold to complete the ATO Expansion on time and on budget.
On completion of the Boroo Gold LLC acquisition, gold production is expected to triple over the next two years to 90,000 oz per annum and 160,000 oz by 2026, with ATO Phase 2 Expansion coming into production.
Steppe Gold is well-positioned to create a mid-tier gold producer, focusing on continuous growth in our production profile and exploration portfolios in Mongolia. The core of the Steppe Gold team remains in place, and we are excited to work with the Boroo Singapore team to build a world class company and national mining champion in our home country of Mongolia.
“We built ATO Gold Mine in our home country from project to production within two years and we reached 100,000 oz production milestone by 2023. With our landmark non-dilutive project financing of $150 million, and our EPC contract in place, we are now accelerating the development of Phase 2 Expansion,” said Bataa, Chairman and CEO Tumur-Ochir- Steppe Gold.
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