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Baimsky GOK Construction to Receive Financing from VEB.RF Under Project Financing Factory Programme

29 december 2024 года
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VEB.RF’s Supervisory Board has approved the terms of financing for a project to build a mining and processing plant, Baimsky GOK.

It intended that the project will be implemented under the Project Financing Factory programme in partnership with commercial banks.

The project involves developing the Peschanka copper deposit and building a mining and processing facility (the annual design capacity is 70 million tonnes of processed ore and 350,000 tonnes of produced copper concentrate).

Igor Shuvalov, Chairman, VEB.RF: “This is an investment project for the construction of concentrator facilities, unprecedented in scale and in terms of engineering complexity. The project will stimulate growth in the Arctic and the Chukotka Autonomous District and will make it possible to take a fresh look at prospects for developing this remote area. The large-scale investments will attract new investors in other projects and will considerably improve quality of life in the region.”

Maxim Reshetnikov, Russian Minister of Economic Development: “Implemented under the Project Financing Factory programme, the Baimsky GOK project will create the conditions for recruiting workers necessary for the construction and operation of the mining and processing plant, building the region’s road and energy infrastructure, and increasing tax revenues. The construction will drive economic growth across the Chukotka Autonomous District, including due to synergies associated with new jobs at small and medium-sized enterprises in the region.”

Georgy Fotin, CEO, Baimskaya Management Company: “It is no coincidence that the project to develop the Baimskoye porphyry copper deposit, one of the largest in the world, is regarded as systemically important. This will create several thousand high-performance jobs and will generate billions of roubles’ worth of orders for domestic industrial production. Our process solutions are unparalleled in Russia, and there are hardly any rivals in the world. With all the elements put together, this country will receive a colossal multiplying effect in the coming years.”

Phase 1 of Baimsky GOK is due for completion in 2029 (35 million tonnes of ore per year), and Phase 2 is scheduled to be put into operation in 2030 (70 million tonnes of ore per year). The project will allow Russia to increase copper production by 25 per cent and gold by 4 per cent.

The project is of great importance for promoting long-term socio-economic development in the Chukotka Autonomous District and the Arctic, developing the Northern Sea Route, and sustaining economic growth in Russia as a whole. The project will have a positive effect on regional socio-economic development, with Chukotka’s gross regional product rising by 100 per cent, which will make the region independent of federal subsidies.
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