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 Karalveem Mine JSC.
The deposit is located on the territory of the Chukotka Autonomous Region, 18 km north-west of the town of Bilibino.
Karalveem Mine JSC is a part of Auramine Resources Group, which manages the gold assets of the international corporation in Russia.
Having built a new gold production factory and resumed mining at the end of 2007, the company reached its design capacity for mining and processing of ore early in 2009.