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Chinese investors will fully finance the development project of the Udokan deposit

Chinese investors will fully finance the project for the development of the Udokan copper deposit in Transbaikalia. Sergei Chemezov, head of the Rostec state corporation, told reporters on the sidelines of the SPIEF.

According to him, the Chinese investment fund HOPU Investments will receive 10% in this project and will attract loans, Rostec will receive 25%, the rest - Alisher Usmanov's Metalloinvest.

"The Chinese fund buys 10% in this project, and provides the rest with a loan," Chemezov said.

“We have an option, according to which we pay for our milk in Udokan at direct costs to date. Now it is more than 27 billion rubles.” - added the head of Rostec. He also did not rule out the sale of the state corporation's stake in Udokan in the future. "When we decide to sell this project, then its cost should, of course, be more than our costs," he said.

Investments in the development of Udokan are estimated at $ 5,6 billion (in 2013 prices of the year). In 2014, the Russian government approved the postponement of the start of copper ore mining at the Udokan deposit for four years - up to 2022. At the same time, the commencement of construction of the enterprise at the field was postponed to 2020 year, and the output to the design capacity (36 million tons of ore) - to 2024 year.

Metalloinvest planned to annually produce at Udokan about 200 thousand tons of cathode copper and 400 thousand tons of sulphide concentrate with ore mining in the amount of 36 million tons.

Udokan is the largest copper deposit in Russia and the third in the world, located in the north of the Trans-Baikal Territory. Its reserves are estimated at 26,7 million tons of metal. The license to develop the field was acquired in 2008 for 15 billion rubles. a subsidiary of Metalloinvest - Mikhailovsky GOK.

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