Launch of Baimsky Mine to Boost Russian Molybdenum Production 80%

Molybdenum production will increase by 80% and copper production in Russia will increase by 15-20% with the launch of the Baimsky mine and processing plant in Chukotka, Prime Minister Mikhail Mishustin said at a meeting on the construction of the mine. According to the Russian Satellite News Agency.

Chukotka is a federal subject (an autonomous okrug) of Russia. It is geographically located in the Far East region of the country and is administratively part of the Far Eastern Federal District. Chukotka is the 2nd-least-populated federal subject at 50,526 (2010) and the least densely populated. The Baimsky mining and processing plant for a major copper-gold deposit, Peschanka, in Russia's Chukotka, is scheduled for 2022. The project's investor will be Kazakhstan's Kaz Minerals.

Baimskaya's resources are 23 million tonnes of copper and 2,000 tonnes (64.3 million ounces) of gold. The Baimskaya Mining Company owns the license on Peschanka (with reserves of 7.1 million tonnes of copper) to 2033. Peschanka holds 9.5 million tonnes of copper and 16.5 million ounces of gold (based on Australia's JORC methodology).

The Russian Baimsky mine is expected to achieve an annual output of 148,000 tonnes of copper and 275,500 ounces of gold, where for the first decade the output would be 250,000 tonnes of copper and 400,000 ounces of gold a year.

The prime minister pointed out that the area is one of the five largest copper deposits in the world, which not only contains a large amount of copper, but also gold, silver, and molybdenum.

Mishustin said: "Russia's annual copper output will increase by 15-20%, and molybdenum will increase by nearly 80%." He added that the development of the deposit will support the development of the entire Chukotka Autonomous Region and will contribute to the completion of the Federation. The speed of the missions has a positive impact. These missions have increased the cargo turnover of the northern sea routes and developed the entire Arctic region.

Mishustin pointed out that due to the harsh climatic conditions, the Russian Baimsky mine project plans to widely adopt modern technical solutions and the production process will be automated to the greatest extent. "If successful, these experiences need to be used in the development of other deposits under complex climatic conditions."

• < Prev
• Next >