Vnesheconombank to finance the development of Udocan copper deposit
![Vnesheconombank to finance the development of Udocan copper deposit Vnesheconombank to finance the development of Udocan copper deposit](/en/news/51590.jpg)
Baikal Mining Company, the Bank for Development and Foreign Economic Affairs (Vnesheconombank) and VEB Engineering Company have entered into a memorandum of intention on September 12, within the framework of the Baikal economic forum in Irkutsk. The document was signed by Vice Chairman of Vnesheconombank Mr.Anatoly Ballo, Director General of Baikal Mining Company Mr. Andrey Varichev, Director General of VEB Engineering Mr. Dmitry Sheibe and member of the Board of Directors of VEB Engineering Mr.Mikhail Rogachev.
The parties have confirmed their intention to establish and develop a long-term mutually beneficial partnership during the implementation of the Udokan copper deposit development project, which is of national importance.
The Governor of Transbaikal region Mr. Ravil Geniatulin, present at the signing of the Memorandum, has noticed that “Several generations of senior officials of Transbaikalia has been dreaming of the arrival of a real investor from the moment of discovering the Udokan copper deposit. Only with the coming of Baikal Mining Company have I started to feel the confidence that this project will be implemented by way of joint efforts with its partners”.
Pursuant to the document, Vnesheconombank shall provide financing towards the construction of the main industrial facilities: mining and processing plant, beneficiation plant, metallurgical treatment facility and thermal power plant. In addition, based on the public-private partnership, Vnesheconombank shall organize financing for the construction of transport and social infrastructure facilities for deposit development: a railway line from the closest station of Chara located at BAR, motor roads, an airport, and camps for the personnel and their family members. The Memorandum also provides for the potential participation of Vnesheconombank in direct investment into capital of the company - mine operator and other specialized subsidiaries.
The Memorandum also includes the possibility of obtaining VEB Engineering Company’s expertise towards the required technical processes involved with the development of the Udokan copper deposit project and towards the development of an optimum programme for the project`s financing in accordance with the requirements of VEB investment policy.
Participants in the Memorandum shall also jointly develop a strategy for promoting the products of Udokan copper deposit development project in domestic and foreign markets with the application of financial tools and shall engage with the administration of Transbaikal region on issues of transport and social infrastructure development subject to the public-private partnership conditions.
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