Madneuli JSC
| Type | Closed Joint-Stock Company |
|---|---|
| Industry | Mining |
| Founded | 1975 |
| Headquarters | Tbilisi, Georgia |
| Key people | Giorgi Devadze, Director General |
| Products | Copper Gold |
| Revenue | US$70.70 Million estimated maximum |
| Website | www.madneuli.ge |
JSC Madneuli (JSCM) (Georgian: სააქციო საზოგადოება მადნეული, saak'ts'io sazogadoeba "madneuli"; სს მადნეული, ss "madneuli") is a mining company based in Tbilisi, Georgia. Established in 1975,[1] Madneuli is currently involved in ore, copper, and gold mining and smelting. The company is a subsidiary of GeoProMining Ltd. GeoProMining Group is an international group which invests in metals and mining industry worldwide.
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[edit] Ownership
GeoProMining purchased Madneuli in 2005. This was one of the first public privatisations in Georgia. Madneuli was purchased by Stanton Equity, which at that time was part of the Industrial Investors Holding. In 2007 Siman Povarenkin, who at that time was a co-owner of Industrial Investors, purchased 100% of Stanton Equity and renamed it into GeoProMining.
Later in 2005 GPM purchased another Georgian asset Quartzite, a producer of gold and silver. In addition to Georgian assest GPM own the Agarak Copper-Molybdenum Mine and GPM Gold, which incorporates mining at the Sotk gold deposit and processing at the Ararat Gold Extraction Plant in Armenia. In Russia GPM owns antimony and gold mining assets and processing plant Sarylakh-Surma and Zvezda in Yakutia.[2][3]
[edit] Operations
[edit] Georgia
JSC Madneuli says it is the leading mining company in Georgia, contributing more than 10% of Georgian exports. The mine was opened in 1975 in Bolnisi region, Georgia.[4] Madneuli has the open pit Bolnisi Mine in the Bolnisi district of the Kvemo Kartli region in southern Georgia. The mine reached full capacity in 1978.[5] Western sources estimate Madneuli's assets in this mine to be 350,435 oz (10,908 kg) of gold.[citation needed] Silver, copper, and other minerals are also mined at that location. This asset has been worked for 30 years.
After GPM’s acquisition of the Madneuli production it was decided to mine and process lower-grade ores in order to extend the life of the mine.[5]
[edit] CSR
Madneuli invested to 1 million GEL in Corporate Social Responsibility activities in 2010. Its projects include sport and cultural events, charity, etc.[6][7] Fund Iavnana is one of the key projects[8]
[edit] References
- ^ http://www.madneuli.ge/index.html
- ^ INTERVIEW: GeoProMining brings hi-tech to Soviet-era assets Business New Europe, November 2011
- ^ Holding company website
- ^ http://www.madneuli.ge/static-38-4.html
- ^ a b Mine of the Month Mining Magazine, November 2011
- ^ CSR Contributions of Madneuli Financial, December 2010
- ^ Madneuli Spending 1.2 Million GEL on CSR in 2011: George Devadze Interview on CSR Financial, December 2010
- ^ Iavnana fund support
[edit] External links
- Company Website
- Madneuli. World Investment News.
- The Bolnisi mine is at coordinates 41°21′53″N 44°27′20″E / 41.364828°N 44.455662°E
