Steppe Gold Executive Vice President Aneel Waraich joined Steve Darling from Proactive to unveil a major development that propels the company to the forefront as Mongolia's premier gold producer. During the interview, Waraich disclosed that the company has successfully entered into a binding term sheet to acquire Boroo Gold LLC, a renowned gold producer boasting an impressive average gold production of over 60,000 ounces annually.
Furthermore, Boroo Gold's anticipated mine life extends beyond 2030, cementing its status as a significant asset. Waraich went on to explain that this strategic acquisition positions Steppe Gold as the leading gold producer in Mongolia. The company now has a near-term production target of an astounding 200,000 ounces per annum, which includes the committed ATO Gold Mine Phase 2 Expansion. As a result of this move, Steppe Gold's production is set to experience a substantial increase, soaring from 30,000 to 90,000 ounces per annum once the Proposed Transaction is finalized. Additionally, the deal is expected to contribute to Steppe Gold's already impressive existing resource base of over 4,000,000 ounces AuEq, solidifying its position as a dominant player in the industry.