OREANDA-NEWS. May 12, 2012. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’is to fund a preliminary stage of the Udokan Copper Deposit Development Project in  the Zabaikalye Territory. A corresponding decision was taken by the Bank’s Supervisory Board.

Vnesheconombank is supposed to provide the Baikal Mining Company (LLC) (the company was specially established to develop the Udokan copper deposit) with no more than 300 million US dollars to implement a preliminary stage for a period of no more than 3 years.

The project provides for developing the copper deposit, building a mining and concentration complex and creating a high-tech industrial production facility for manufacturing cathode copper, copper wire rod and precious metals (silver and gold) on the basis of the Udokan copper deposit in the Kapar district of the Zabaikalye Territory, 23 km to the South of railway station of Novaya Chara of the Baikal-Amur trunk line. The project also provides for the construction of infrastructure facilities including a coal CHP with a capacity of 400 megawatts, a housing community, motorways and railway branches.

The Udokan deposit is among the first five largest copper deposits in the world ( under B+C1 category ore reserves confirmed by the State Commission on Mineral Reserves are 924.5 million tons, copper – 14.4 million tons).

This project’s implementation would contribute to the socio-economic development of the Zabaikalye Territory. The project provides for creating 4 thousand new jobs.