Baikal mining company has started to work out the international technical and economic assessment of Udokan copper deposit’s development

The Baikal mining company (in the structure of Metalloinvest) has started to work out the international technical and economic assessment of the Udokan copper deposit’s development.

In September 2012 the works in the framework of the definition phase study of the projection criteria, realization plan and the schedule of preparation of the international technical and economic assessment, volumes of works for the next stage of projection started. The international engineering company Fluor executes the works; it became the winner of the tender for the selection of the general contractor for the execution of works on the preparation of the international technical and economic assessment of the Udocan copper deposit’s development.

In the framework of the definition phase Fluor works out and holds the program of metallurgical tests, makes the technical and economic calculations necessary for the preparation of the projection criteria and volumes of works for the next stages of the execution of the international technical and economic assessment of the project’s development.

This stage is planned to be over by the end of 2012, the completion of the development of the international technical and economic assessment – by the end of 2013.

Fluor is the largest international engineering company providing services in the sphere of projection, construction, purchase activity, has the experience of realization similar large-scale projects in similar severe climatic conditions.

The Udokan deposit is one of the largest non developed copper deposits in the world. It is located in the Kapar district of the Trans-Baikal area. The Baikal mining company was founded in 2008 specially for the development of the Udocan copper deposit.

The largest shareholder of Metalloinvest is the investment holding company of A. Usmanov - USM STEEL & MINING, which holds 50% of the shares. The other shareholders are Seropaem Holdings of V. Skoch and VTB bank which hold 30% and 20% respectively.

http://www.rusmet.ru/news.php?act=show_news_item&id=60941

Translated by Galiya Musabekova