In terms of ore reserves, Chukotka is today comparable to the well-known gold-bearing provinces of Alaska and Northern Canada. It is here that the three largest Russian ore gold deposits are located. The development of one of them, Karalveemsky, is being carried out by JSC Mine Karalveem.
The field is located on the territory of the Chukotka Autonomous Region, 18 km north-west of the town of Bilibino.
JSC Mine Karalveem is part of the Auramine Resources Group, which manages the gold assets of an international corporation in Russia.
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.