Baikal Mining Company signed a cooperation agreement with the Federal Centre for Project Finance and the Government of the Zabaikal Region

Baikal Mining Company (part of METALLOINVEST), the Government of the Zabaikal Region and the Federal Centre for Project Finance (FCPF) have signed a cooperation agreement to develop infrastructure in the Northern Zabaikal area within the framework of the Udokan copper deposit development project.

The document was signed by Irina Minskaya, FCPF General Director; Ravil Geniatulin, Governor of the Zabaikal Region; and Andrey Varichev, General Director of Baikal Mining Company.

As part of the agreement, the parties will jointly develop engineering, social, transportation and power infrastructure projects.

FCPF is the operator of Vnesheconombank’s programme to provide financial assistance to regional and urban development projects. The Centre offers support to construction projects related to engineering, power grid, utility, transportation and social infrastructure.

The Udokan copper deposit is one of the world’s largest undeveloped copper deposits, which is located in the Kalar area of the Zabaikal region, in a territory with poor infrastructure. The project implementation involves infrastructure upgrades including the renovation and construction of railway, road, airport, utility and social infrastructure; the building of accommodation; and the provision of power supplies to the future mining and processing plant.

Baikal Mining Company was established in 2008 specifically for the implementation of the Udokan copper deposit development project.

Alisher Usmanov’s USM STEEL & MINING Company which owns 50% of shares is the major shareholder in METALLOINVEST Company. Other major shareholders are Vladimir Skoch’s Seropaem Holdings as well as VTB Bank which own 30% and 20% of shares, respectively.