Mongolia’s top gold producer is about to be formed with the acquisition of Boroo Gold by Steppe Gold, the latter announced 22 January.
Steppe officials said it has entered into a binding term sheet creating a producer in Mongolia with a near-term production target of 200,000 ounces per year, including the committed ATO Gold Mine Phase 2 expansion.
Boroo Gold is already a leading gold producer with an average gold production of over 60,000 oz annually and an expected mine life of beyond 2030. Post-deal, Steppe Gold’s production is expected to increase from 30,000 to 90,000 oz per year.
Total gold production is expected to rise to approximately 160,000 oz per annum in 2026 as Steppe Gold’s ATO Gold Mine Phase 2 expansion comes on stream. Boroo parties will have the first right to acquire the Tres Cruces gold project in Peru following the transaction’s completion, at fair market value.