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EastRussia Bulletin: KAZ Minerals may buy a controlling stake in Baimka project in June-July - EastRussia | Far East






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EastRussia Bulletin: KAZ Minerals may buy a controlling stake in the project of Baimki in June-July

EastRussia Bulletin: KAZ Minerals may buy a controlling stake in the project of Baimki in June-July
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Kazakhstan's KAZ Minerals is considering a buyout in June-July of a controlling stake in the project to develop the Baim copper-porphyry deposit in Chukotka, the latest issue of the EastRussia bulletin says. The license for the development of the field to date belongs to OOO GDK "Baimskaya" R. Abramovich and A. Abramov.

For the deal KAZ Minerals plans to pay $ 1 billion, as well as to give part of its shares. Currently, KAZ Minerals is preparing documents for the RF legal commission for foreign investment, as the Baimskoye deposit belongs to the subsoil of federal significance.

Earlier, MMC Norilsk Nickel (34% from Potanin, 27,8% from Rusal, O. Deripaska, A. Abramov and R. Abramovich own about 4%) was interested in the asset. However, Rusal stated its readiness to approve the purchase of Baimka only under condition of a low entry price, and also doubted the need for investment in the project. Also in "Rusal" it is assumed that the planned transaction may become part of the scheme for the sale of 3,99% GMK V. Potanin R. Abramovich and A. Abramov, although this is denied by Millhouse R. Abramovich. V.Potanin also expressed an offer to buy the Baim project in installments for $ 750 million. Against the background of disagreements between the shareholders of Norilsk Nickel, the conditions offered by KAZ Minerals proved to be more profitable.

According to the evaluation of Goldman Sachs, development of Baimskaya area will require $ 4,2 billion. The project is planned to be launched in 2023 year. The total area resources are estimated at 23 million tons of copper and 2 thousand tons of gold (64,3 million ounces). According to plans, Baimsky GOK should produce 476 t copper concentrate (148 thousand tons of copper) and 276,5 thousand ounces of gold per year, its launch is scheduled for 2021-2023 year.

A detailed analysis of this and other relevant topics can be found in the weekly bulletin EastRussia (