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for Udokan project will be financed by Chinese investors

According to Sergei Chemezov, head of state corporation «Rostec» Chinese investors adopted the decision the full financing of the project for the development of Udokansky copper deposit in Transbaikalia. As a result, financial investments «HOPU Investments» Chinese investment fund will own 10% of A-share in the project with the possibility of attracting loans, 25% will get directly «Rostec» the lion's share of the company depart Alisher Usmanov «Metalloinvest». «HOPU Investments Management» is a private investment company and was founded in 2007. He specializes in financial investments in various industries in the early stages of development.

Then Chemezov informed about the presence of the company's option, for which there is a charge for its own share of direct costs in Udokan for the period. Today it exceeds 27 billion. RUB. In the future not ruled out the sale of shares owned by state corporation in Udokan, but in this case its value will undoubtedly exceed the cost «Rostec».

Investments that will be spent on the project to develop the Udokan, amount to 5.6 bln. USD prices last year. Earlier this year, the government of the Russian Federation authorities have approved changes in project start dates for the extraction of copper ore, putting him up to 2022. Construction work on the field with the changes will begin in 2020, the estimated output at full capacity will be in 2024. The design capacity is 36 million. Tons. The plans of «Metalloinvest» annual production at Udokan deposit of 400 thousand tons of concentrate sulfide and 200 thousand tons of copper cathodes with a total volume of mined ore to 36 million tons.

Udokan, located in the northern district of Transbaikal, is Russia's largest and ranks third in the world in terms of copper content. «Joint Ore Reserves Commettee», an Australian company installation standards in the mining industry, estimates the reserves Udokan to 26.7 million. Tons of copper. The license provides for development of the field, in 2008, was acquired Mihiylovskim GOK, a subsidiary of «Metalloinvest» and cost $ 15 billion. RUB. If the state will support the construction of external transport and energy infrastructure, the payback period is 15 years.

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