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Metalloinvest may sell part of Udokan’s copper deposits to Chinese companies

Alisher Usmanov's Metalloinvest company is negotiating the sale of part of its copper deposits to Chinese companies. This was reported by Bloomberg, citing sources familiar with the negotiations.

Among potential investors, the investment company Hopu Investment Management Co. We are talking about the sale of shares in the development of the Udokan deposit in Transbaikalia. At the same time, Metalloinvest's offer is not exclusive, and other companies can compete for investments, notes Bloomberg.

According to Bloomberg, the Udokan deposit contains about 26,7 million tons of copper. It is one of the five largest undeveloped deposits in the world. Metalloinvest estimated total project development costs in 2012. $ 8 billion. Metalloinvest won the tender for the development of Udokan in 2008 for 15 billion rubles. Under the terms of the development license, production at Udokan should begin in 2014. The starting level of processing should be 12 million tons of ore per year.

Earlier, the Russian-Chinese Investment Fund agreed on investments in the Far Eastern projects in the field of logistics, mining and tourism. Another $ 400 million will be invested in them. Earlier, RDIF reported that it was negotiating investment in copper deposits - Natalkinskoye, Udokanskoye and Baimskoye, but at the end of April Dmitriev told Vedomosti that the decision to enter these projects was "not made."

The Russian Direct Investment Fund announced today an increase in investments of a joint fund with the Chinese CIC fund to 1 billion. The largest project will be a railway bridge across the Amur River.

Chinese investors are actively interested in projects around the world, seeking to convert dollar reserves into real assets.

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