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Phelps Dodge to Go to Kolyma for Copper
The World number three copper producer, U.S. Phelps Dodge Exploration Corporation is eyeing Magadan copper deposits, Russia, and not only them perhaps. The company may bid for Udokanskoe copper deposit in 2004 tender.
Director of Phelps Dodge Moscow office Maxim Kimasov said the company is studying the chances to develop copper deposits of Magadan region. The respective decision could be made in late 2005 or early 2006. The words of the Moscow top manager of Phelps Dodge are in line with the company’s activities. Phelps Dodge’s subsidiary – Kolyma Geo - is being established now so that it could get copper licenses in future. Moreover, at the recent meeting of the company’s spokesmen and Magadan region’s Governor Nikoly Dudov, the parties have canvassed the possible development of the ore deposits in the region. The meeting was arranged by the U.S. Consulate.
The analysts say at least $30 million are needed to develop Magadan deposits eyed by Phelps Dodge. The overall resources of Magadan are estimated at no more than 13,500 tons of copper.
Kolyma Geo is the fourth raw project of the U.S. company in Russia. Represented by Shilko Mining, Phelps Dodge won in May 2005 the license for Primorie's Lazornoe porphyry copper deposits with the overall resources of around 200,000 tons of copper to add to two small deposits acquired in Amur region last year.
The close attention paid by the Americans to copper deposits of Siberia and the Far East stems, first of all, from their proximity to China, one of the key importers of copper. Therefore, Phelps Dodge will hardly confine to the above projects but endeavor to bid for Udokanskoe deposit with the 20-million ton resources of copper in 2006.
by
kommersant.com
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