The Karalveemskoe gold deposit was discovered in 1957. Geological exploration at the field was carried out from 1964 to 1987 in several stages with the submission of proven reserves for approval at the USSR State Committee for State Reserves (1972, 1976, 1981) and in the TKZ at PGO Sevvostgeologiya in 1987. Search and assessment work in the near flanks of the field (Vstrechny, Ozerny sections) continued until 1990.

The project of the Karalveem mine with a capacity of 100 thousand tons was developed in the mid 80s of the last century by the Dalstroyproekt Institute on the basis of reserves approved by the State Reserves Committee for two sections of the Bezymyanny and Promoin.

In the first half of the 90s, a factory was built on the basis of the deposit. In 1993-1995 several design institutes developed design documentation to increase the capacity of the factory to 200 thousand tons.

In 1995, the enterprise began to mine and process quartz-vein ores in the central part of the field, in the Bezymyanny and Promoin areas. In July 1996, a start-up complex was commissioned, which includes an underground mine, a gold extraction plant that implements a gravitational scheme for ore processing, objects of production and social infrastructure. In 1997, construction was completed and a conveyor slope was commissioned with loading and unloading units, a workshop for experimental-industrial processing of a grape concentrate, a cyanide warehouse, and a mine compressor station.

During 1995-1997 when developing the richest ores, the company was quite successful, but in 1999 the company CJSC Ruda, which owned the field, was on the verge of bankruptcy due to the failure to fulfill gold mining plans due to poor production, economic and financial activities.

In August 1999, the company introduced external management. In 2002, the field produced only 386 kg of gold. In 2003, production stopped, and CJSC “Ore” ceased operations. On the basis of CJSC “Ore” the enterprise OJSC “Mine Karalveem” was created.

In March 2005, the acquisition of the mine took place, and in April, the development of a feasibility study began. In 2006, the metal structures of the equipment were dismantled at the gold extraction plant (ZIF), and a new ZIF was built on the site of the old dismantled factory.

The reconstruction of the main facilities that make up the technological complex of the mill has been completed:
∙ gold recovery factory
∙ dumps of dehydrated tails
∙ sump neutralized solutions
∙ consumable reagents.

Mining and capital workings were fully restored, construction works were performed on the on-site power grids and water intake structures. Construction and launch took only nine months.

Having built a new gold production plant and resumed mining at the end of 2007, the company reached its design capacity for mining and processing of ore in early 2009.