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Mikheyevsky Project celebrates 1st anniversary

May 30, 2013. The construction of Russian Copper Company’s largest facility – Mikheyevsky Ore Mining & Processing Enterprise in Chelyabinsk Region – started one year ago today. On May 29, 2013, the foundation of the enterprise was laid in the course of a solemn ceremony attended by Governor Mikhail Yurevitch; the facility’s capacity is estimated at 18m RUR of green ore a year; the ready produce output is estimated at 270,000 tons a year, the company’s press officer reports.

Mikeyevskoye porphyry copper ore deposit is one of Russia’s largest copper deposits. CRU, an independent international analytical group, placed in on the list of the world’s biggest copper deposits. Mikheyevsky Ore Mining & Processing Enterprise is a federally important project and the grandest project on the construction of an ore mining and processing facility from scratch on the post-Soviet territory in the newest history of Russia, the press release says.

When Russian President Vladimir Putin met Governor Mikhail Yurevitch on May 21, 2013, the project was discussed as one of the major ones in the domestic ore mining industry. The investments total to more than 26bn RUR. Some of the funding is provided by Gazprombank for the development of the deposit; the loans amounted to 13.4bn RUR on May 23, 203, which comes to about 50% of the investment budget. Considering the funds provided by Russian Copper Company, the project has already received 19bn RUR worth of investments.
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