Nordgold is poised to expand into Africa looking at copper projects in addition to gold

MOSCOW, March 14 (Reuters) – Western-sanctioned gold mining company Nordgold, formerly controlled by Russian businessman Alexei Mordashov, plans to expand into Africa, looking at copper projects in addition to gold, CEO Georgy Smirnov said. In Africa, Nordgold has been operating since 2008 and currently has two mines in Burkina Faso and a mine in Guinea.

“We are focused on further development. We looked at projects in other countries, we looked at projects in Ghana, we looked at Ivory Coast in Senegal. For now, we are working in gold, but we are ready to move to other metals – such as copper and so on, which is related to transition metals, which is needed for the green industry, ”he said at the Russia-Africa forum in Moscow.

“We are interested in further investments,” said Smirnov, who acquired Nordgold in September 2022.

According to him, in addition to instability in the region and security threats in Burkina Faso, the company, like other manufacturers, is facing difficulties with logistics, billing and banking operations after Western sanctions against the Russian Federation.

Smirnov suggested that the creation of a joint banking institution between Africa and Russia be considered, which “would allow us to work directly, without risk.”

After imposing US sanctions on the company, which was blacklisted by Washington along with other assets of Mordashov, Nordgold withdrew from the exploration project in Canada and sold the company in French Guiana.

Nordgold, mining 1 million ounces of gold, operates eight active mines in Russia, Kazakhstan, Burkina Faso and Guinea. (Anastasia Lyrchikova)