Erdene Resource Development Corp (TSX:ERD, OTC:ERDCF) is moving closer to first gold production in Mongolia, CEO Peter Akerley told shareholders in a recent update.
The past year was “transformative” for the company, Akerley wrote in a shareholder letter.
“As outlined in my letter to fellow shareholders, we closed the Strategic Alliance with Mongolian Mining Corporation, commenced construction of the Bayan Khundii Gold Project and continued to see exploration success in our Khundii Minerals District in southwestern Mongolia.
“These accomplishments are the result of more than twenty years of effort in Mongolia, where Erdene has been the most active explorer and developer in the unexplored western portion of Mongolia’s Gobi Desert,” Akerley continued.
The letter highlighted significant achievements, including a strategic alliance with Mongolian Mining Corporation (MMC) and the commencement of construction at the Bayan Khundii Gold Project.
With first gold expected in 2025, the partnership with MMC has accelerated progress, with MMC investing $40 million for a 50% interest in Erdene's Mongolian subsidiary. Construction is on track, with 25% completed and commissioning expected by mid-2025.
Erdene also reported continued exploration success across the Khundii Minerals District, enhancing the project's growth potential.
“It is extremely satisfying to see the vision of Erdene’s founders come to fruition with first gold production from Bayan Khundii expected in 2025,” CEO Akerley added.