Director of Russian Federal Subsoil Management Agency (Rosnedra) Anatoly Ledovskikh
Photo: Sergey Mikheev
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Metalloinvest Paid 4.5bn for Udokan
Metalloinvest holding has paid 4.5 billion ruble as the first installment due for the Udokan license, Metalloinvest General Director Maxim Gubiev announced at the news conference on Thursday, Interfax reported.
As to the project implementation period, Gubiev said the company doesn’t intend to shelve the dates. At the same time, the official specified the change in financial and economic indicators of the project caused by the drop in copper prices.
The media reported earlier that Metalloinvest principal beneficiary Alisher Usmanov assured Rosnedra chief Anatoly Ledovskikh of his readiness to pay the whole amount due for Udokan in December.
Mikhailovsky GOK (Metalloinvest Holding) won September 10 the tender for one of the world’s biggest copper deposits, Udokan, having offered 15 billion ruble for the license. The company plans to set to constructing mining and metal facilities on the deposit’s basis in 2010, putting into operation the first stage (150,000 tons of cathode copper a year) in 2014. Reaching the project capacity of 474,000 tons of cathode copper (36 million tons of concentrate) is slated for 2016. Government-controlled Rostekhnologii is the partner of Metalloinvest in Udokan’s undertaking.
According to Rosnedra, Udokan’s reserves of B+C1 category stood at 14.43 million tons, while the C2 reserves were estimated at 5.52 million tons as of January 1, 2008. The copper content in the ore averages 1.56 percent.
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