Onur Group withdraws from gold mining project in Dnipropetrovsk region
Photo: depositphotos.com

Onur Group has halted its gold mining operations at the Zhovtovodska gold deposit in Ukraine’s Dnipropetrovsk region, citing the lack of economic viability. The company's General Manager, Emre Karaahmetoğlu, shared this in an interview with Forbes Ukraine.

According to documentation from the State Service of Geology and Mineral Resources of Ukraine, the company initially expected the deposit to yield approximately 4.5 grams of gold per ton of ore. However, actual exploration results showed only 1.4 grams per ton.

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  • "Such a grade does not ensure economic feasibility for extraction. As a result, we no longer see potential in this site and do not plan to invest further," Karaahmetoğlu stated.

Back in 2021, Onur’s local subsidiary filed a lawsuit against the State Service of Geology and Mineral Resources, demanding compensation for the discrepancy in reserve estimates. However, in April 2025, the company withdrew the claim, opting instead to engage in "constructive dialogue" with the state agency.

Karaahmetoğlu mentioned that the company had invested a "significant amount" in the project, although he did not disclose exact figures.

Looking ahead, Onur Group is shifting its focus to a graphite deposit located in the Khmelnytskyi region, where it anticipates starting commercial production in 2026.

  • The Zhovtovodska site was initially offered for development on December 12, 2020, in what was Ukraine’s first-ever electronic auction for a gold-bearing area. On December 24 of the same year, Spys Ukraine LLC won the tender with a bid of UAH 5.73 million. In July 2021, Turkey’s Onur Group acquired a 37.5% stake in Spys Ukraine.