Russia invests $ 13.4 billion in the Baimskaya Copper Mine

The Russian Bank of State will invest more RBS1.1tn ($ 13.4 billion) in developing the Baimskaya Copper in the Chukotka area, Reuters said.

The Baimskaya project includes a mine, processor for main treatment and infrastructure such as the port and 428 km to enable exports throughout the year.

The annual crude processing capacity is expected to be 70 million tons (MT), with an average annual copper production of 300,000 tons during the first ten years.

Baimskaya copper development is set to create approximately 6000 jobs and generate more than RBS3TN in tax revenue.

The mine’s process of copper production in Russia is expected to increase by 25 % and gold production by 4 %.

Chocotka, a mountainous region located in the far east of Russia, with about half of its lands over the Arctic circle, is preparing to experience economic growth from this project.

“We continue to build a mining and processing factory, but it is a strong and technically advanced industrial complex that will enhance Russia’s position in the global market and become a new growth point in the Arctic,” said Baimskaya Management Georgy Fotin.

President Vladimir Putin highlighted the North Pole as a strategic economic zone for Russia, with an increase in trade activity along the Northern Maritime Road (NSR) with the country’s circulation towards Asia amid Western sanctions.

The development of the Baimskaya deposit is expected to raise an annual NSR shipping traffic movement by 2MT.

The project is part of the social and economic development strategy for the Far East and the Baikal region until 2025, and for the autonomous Chukotka region until 2030.

Last month, the Russian Ministry of Natural Resources revealed Place to produce at least 60,000 tons of lithium carbonate By 2030 to reduce the country’s dependence on imports and enhance its ability to manufacture high -capacity electric batteries.

“Russia is investing $ 13.4 billion in the Baimskaya Copper mine” was originally created and published by Mining technologyThe brand owned by Globaldata.

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