Quartzite Ltd., Georgia s only gold miner, was founded in 1994. Site earth works were launched in 1996, and the first gold was produced in 1997. Quartzite s mine site is located within the Madneuli copper mine, in the hills between Upper Bolnisi village and Kazreti, approximately 80 km southwest of Tbilisi. This location is a great advantage for the company, since the rich Madneuli deposits account for almost 10% of Georgia s exports. In fact, the entire Bolnisi region which contains these deposits is distinguished for its mineral wealth all over the world.
Led by General Director Dimitri Kalandadze, Quartzite employs about 550 people, with top and middle management accounting for 12% and junior-level personnel constituting the rest. Significantly, 90% of the employees are locals, adding to the company s familiarity with the terrain of the mine site.
PRODUCTION Quartzite s production process is based on Heap Leach technology, with a throughput rate of 1,700, 000 tonnes per annum, and its capacity of processed ore per annum has reached 3,400,000 tonnes with the implementation of new technologies.
The Heap Leach method entails the application of a weak cyanide solution onto a heap of crushed ore within a totally closed production cycle, protecting it from losses (other than evaporation). Consequently, there are no planned discharges of any solution. This is the most cost-efficient and environmentally acceptable means of precious-metal extraction.
THE QUARTZITE EDGE The engineering solution, construction and operation of Quartzite s Heap Leach production process meets the highest global standards for complex mining activities, and its highly qualified personnel, modern equipment and strong infrastructure are geared to optimise production efficiency. The company is compliant with ISO standards, setting it on par with the best in the world.
In early 2000, Quartzite became Georgia s largest exporter, bringing significant socio-economic benefits to the region. In 2007, Quartzite s prospects were further bolstered by its success in obtaining syndicated structured commodity financing, together with JSC Madneuli. Sized at USD180m, this is the first such deal in Georgia.
POLICIES Quartzite s corporate policies are based on three major social considerations: the health and safety of its employees, public relations and environment conservation. These principles are set forth in the company charter bylaws and guarantee the implementation of international management standards.
An important element in Quartzite s environmental commitment is the Environmental Management System, which assesses and quantifies the nature and extent of the environmental significance of its operations, minimises their impact and ensures compliance with the Ministry of Environment Protection and Natural Resources.Quartzite is also a signatory to the United Nations Global Compact—“a strategic policy initiative [promoting] ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption”.
FUTURE PLANS Quartzite s roadmap for the future involves heightened production growth and environmental safety; implementation of new projects; investments in new technologies; turning existing ore reserves profitable; and ensuring maximum revenue growth through efficient management systems. With mining being Georgia s traditional pride and investors queuing up before industrial sectors, the company looks poised to achieve all its goals in the coming years.
Financials:
Growth of turnover.revenues: 23% Return on investment:41% H7490211789 EBITDA 74,585,338 USD
