MOSCOW, Sep 14 (PRIME) — SMR, which is a part of Russian tycoon Oleg Deripaskas En+ Group, plans to build a mining and processing plant at the Agaskyr copper and molybdenum deposit in the constituent republic of Khakasia by 2017, a SMR representative told PRIME on Wednesday.
Investments into the project are expected to amount to over U.S. $400 million.
The plant is designed to process 10 million tonnes of ore annually and produce about 9,000 tonnes of molybdenum concentrate and 11,000 tonnes of copper concentrate.
In July, Sorsky GOK mining and processing plant, a unit of SMR, obtained a license at an auction to explore and develop the Agaskyr deposit in Khakasia for 279.4 million rubles. The license was issued in September for a period of 20 years.
As of January 1, the Agaskyr deposits reserves amounted to 155,305 tonnes of molybdenum and 98,700 tonnes of copper, under the B+C1 categories. The deposit also contains 509 tonnes of silver, under the C2 category.
The deposit is ranked as Russias third largest molybdenum deposit after the Bugdainskoye deposit in the Zabaikalsy Region, operated by metals giant Norilsk Nickel, and the Orekitkanskoye deposit in the constituent republic of Buryatia, operated by Intergeo, which manages the mining assets of Mikhail Prokhorovs Onexim Group.