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Metalloinvest spinoff starts plant construction at Udokan copper project

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Metalloinvest spinoff starts plant construction at Udokan copper project

Baikal Mining Co. LLC kicked off construction of a mining and metallurgical plant at the Udokan copper project in Russia, Reuters reported Sept. 4.

The plant will have the capacity to process up to 12 million tonnes of ore per year after its launch in 2022, producing cathode copper and sulfide concentrate. The company could increase the plant capacity to process 48 million tonnes of ore per annum.

Udokan is the largest undeveloped copper deposit in Russia, with total reserves of around 26.7 million tonnes, the report said.

Baikal Mining is owned by Russian billionaire Alisher Usmanov's USM Metalloinvest LLC. Usmanov also owns a half of Russia's biggest iron producer, OAO Metalloinvest.

Metalloinvest completed the spinoff of its Baikal Mining subsidiary in 2015.