Russia's Polymetal Secures 15-Year Investment Protection for 11.6 Billion Ruble Copper-Zinc Mine

en.Wedoany.com Reported - Bashkortostan has signed an investment agreement with Polymetal to protect and encourage the development of the Novopetrovskoye copper and copper-zinc deposit in the Khaibullinsky District, with a total project investment estimated at 11.6 billion rubles.

Andrey Nazarov, Prime Minister of Bashkortostan, announced this at the St. Petersburg International Economic Forum. Under the agreement, the investor will receive stable conditions for 15 years to plan large-scale industrial projects, build infrastructure, and commence production. Polymetal stated that the agreement includes a mechanism for stabilizing tax conditions, as well as a mechanism for stabilizing certain regulatory provisions in the areas of land relations and urban construction activities.

The total project investment is 11.6 billion rubles, covering the construction of an underground mine, a rotational camp, and administrative and living facilities. Production is scheduled to begin in 2029, with mining activities continuing at least until 2038.

The deposit's balanced ore reserves are estimated at 10.4 million tons.

The Novopetrovskoye gold-copper-zinc deposit will be developed using underground mining methods, with ore planned for processing at the upgraded Sibay Mining and Processing Plant. The project plans to produce three products: gravity concentrate, copper concentrate, and zinc concentrate.

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