CHITA, Sep 5 (PRIME) -- Baikal Mining Company belonging to billionaire Alisher Usmanov has started to build a plant on the Udokan copper deposit and plans to launch the first U.S. $2.1 billion stage in 2022, the company said in a statement on Wednesday.
The annual capacity is planned at 12 million tonnes of ore and can rise later to 48 million tonnes. It will produce cathode copper and sulphide concentrate.
General Director Yuri Ryabov said the company starts preparing the construction site and its infrastructure, getting ready to sign contracts with subcontractors and buy equipment.
All construction documentation was sent for state review.
The Udokan deposit is one of the world’s largest copper deposits located near the Baikal. The deposit’s mineral resources are estimated at 2.3 billion tonnes with an average copper content of 1.06%, and copper of 24.6 million tonnes under JORC.
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