Russia’s billionaire Alisher Usmanov ready to begin development of largest copper field

Zachar Smushkin, a co-owner of Ilim.Photo; Andrew Gordeev - Vedomosti

The Baikal Mining Company, one of Russia’s leading mining companies, owned by a local billionaire Alisher Usmanov plans to accelerate the development of the Udokan copper field, one of largest undeveloped copper fields in Russia and the third largest in the world, according to recent statements, made by representatives of the company and some local media reports.

 

It is reported, the reserves of the field are estimated at 26.7 million tonnes of copper. It also contains silver, being located in the Kalarsky district of the Trans-Baikal Territory.

 

 

In addition to the development of the field, the project also involves building of a mining and processing complex, that will specialize on the production of cathode copper and sulphide concentrate.

 

Total output will reach 125,000 tonnes per year, while the volume of investments in the first stage of the project is estimated at US$ 2.9 billion.

 

As of now, the construction of the complex is complete by 40%. Its official launch is scheduled for the middle of 2022.

 

By: Eugen Gerden