Oxus said on Wednesday the potential sources of finance include a major Chinese contracting and finance group.

Under a revised bankable feasibility study (BFS), commissioning of the plant is expected in the first quarter of 2011 with an initial production level of 450,000 tonnes a year producing about 100,000 ounces of gold per annum.

The original BFS announced last June envisaged commissioning of the plant by the third quarter of 2009 with a production level of 750,000 tonnes per annum. About 200,000 ounces of gold were expected to be produced in 2010 and 270,000 ounces in 2011.

"In the light of the current economic climate and the resultant delay in the development of the underground project, Oxus took a decision to revise the original Bankable Feasibility Study," it said.

The Royal Bank of Scotland was mandated to arrange the finance for the original BFS project.

The capital cost of the project has been cut to about US$74 million from the original US$168 million.

Total estimated costs for the project, in which Oxus has a 50% stake, have fallen to US$377 an ounce from the original US$402 and the life of the project extended to 12 years from seven.