OREANDA-NEWS. On July 18, 2008 The Russian state corporation Rostechnologii and Metalloinvest Holding Company signed an agreement to create a joint venture to develop Udokan field, the world’s largest deposit of copper in Chita region, reported the press-centre of Metalloinvest.

According to the agreement a joint venture will be set up in case of Mikhailovsky GOK’s (subsidiary of Metalloinvest Holding) victory in the tender for Udokan.

The underwriting share of Rostechnologii will make not less than 25%. The parties agreed that cooperation between the Russian state corporation Rostechnologii and Metalloinvest Holding Company will be open for other stakeholders.

The tender is held by the Russian Federal Subsoil Agency (Rosnedra) and is to take place on the 17th of September, 2008. The initial payment is RUB4.5 billion. The winner will get the license for 20 years.