MOSCOW TIME: 26.04.2024 09:18:17
The Russian Government has issued permission for Amur Minerals, a JV of Freeport-McMoRan (49%) (USA) and IG Copper (51%) (Canada), to develop the Malmizh copper and gold deposit situated in the Khabarovsk Territory.
Copper and gold deposit in Khabarovsk Territory to be developed by US-Canadian company
The Russian Government has issued permission for Amur Minerals, a JV of Freeport-McMoRan (49%) (USA) and IG Copper (51%) (Canada), to develop the Malmizh copper and gold deposit situated in the Khabarovsk Territory. According to a release published on Saturday on the Government's home page, LLC Amur Minerals has been permitted to explore and extract ore gold, copper and associated components in a subsoil area of federal significance, including the Malmizh deposit. The Malmizh belongs to subsoil areas of federal significance and despite the fact that Amur Minerals was the discoverer of the deposit possessing exploration and production licenses covering the Malmizh ore field, the Government was in position to prohibit them from developing this project. As reported previously, capital outlays spent to develop the Malmizh Deposit were estimated at $1.5 billion. The Russian Far East Development Fund may attract investors to the project. The estimated resources of the Malmizh Deposit total 5.65 million tonnes (12.45 billion pounds) of copper and 9.11 million ounces of gold.
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