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China Non-Ferrous Gold says avalanche at Pakrut mine to "significantly" impact gold production

Published: 12:02 28 Feb 2017 GMT

Map showing Tajikistan
the firm purchased mine property insurance in 2016 and the provider is currently preparing to survey the site

AIM-listed China Nonferrous Gold Limited (LON:CNG) has revealed that high levels of snowfall resulting in an avalanche and landslide in the area surrounding its Pakrut gold mine in the Republic of Tajikistan is expected to have a “significant impact” on gold production at the project.

CNG said the avalanche has disrupted local traffic and resulted in the interruption of power supply in the Pakrut area.

It added that although the smelting and processing plants at Pakrut are undamaged, several buildings have collapsed. Fortunately however, there were no casualties.

The group said the full impact of the avalanche is still being evaluated and the company will provide an update in due course.

It added that the firm purchased mine property insurance in 2016 and the provider is currently preparing to survey the site.

Shares in China Non-Ferrous Gold were 5%, or 1.5p lower to 27.5p in lunchtime trading.

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