Today.Az » World news » KAZ Minerals acquires copper project in Russia
03 August 2018 [16:23] - Today.Az
Kazakhstan-based copper producer KAZ Minerals has signed an agreement to acquire Baimskaya copper project in the Chukotka autonomous region of Russia for $900 million in cash and shares, said the company in a message.
The amount includes an initial payment of $675 million and a deferred payment of $225 million.
The Baimskaya area is one of the world's largest undeveloped copper areas with potential to create large-scale low-cost copper production based on open-pit mining. The average annual output in the first 10 years of operation is expected at 250,000 tons of copper and 400,000 ounces of gold.
KAZ Minerals operates open-type mines of Bozshakol in the Pavlodar region and Aktogay in East Kazakhstan, three mines and three concentrating plants in East Kazakhstan, and a copper and gold mine Bozymchak in Kyrgyzstan.
KAZ Minerals produced 259,000 tons of copper, 58,000 tons of zinc concentrate, 179,000 ounces of gold and 3.506 million ounces of silver in 2017.