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Baimskoye Copper Deposit Project to Receive Over RUB1tn in Financing from VEB.RF and Its Partners

21 april 2025 года
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The mining and processing plant will be the first in Russia to use UAV systems and IoT devices. The project will help to create about 6,000 jobs and generate over 3 trillion roubles in tax revenues at different levels. This was stated by VEB.RF Chairman Igor Shuvalov while accompanying Deputy Prime Minister Dmitry Grigorenko on a visit to Baimsky GOK.

Discovered in 1972, the deposit remained undeveloped for decades due to the harsh climate and lack of infrastructure and technology. A landing area, a fuel storage depot, Bilibino-Peschanka high-voltage lines with a substation, a camp for 1,250 of a planned 5,000 fly-in fly-out workers, and a logistics centre in Bilibino have already been built and put into operation.

Baimsky GOK will become the first in the Russian copper industry to employ the direct flotation process for ore concentration. Useful for low-grade ores, direct flotation can reduce tailings and consumed water and energy, which makes mineral processing more efficient, environmentally friendlier, and safer.

Dmitry Grigorenko, Russian Deputy Prime Minister and Chief of Staff of the Government Executive Office, and Chairman of the Supervisory Board, VEB.RF: “Baimsky GOK is a complex and extremely capital-intensive project. Its implementation is complicated by objective factors, such as a complete lack of infrastructure, the polar climate, and a great distance fr om industrial centres. That is why the consistent participation of the government is indispensable for completing the project. VEB.RF has a key role in providing financing for the project. This is an example of how the private sector and the government jointly meet the strategic objectives and achieve good results even wh ere it seemed impossible in the past.”

Igor Shuvalov, Chairman, VEB.RF: “The scope and effects of the Baimsky GOK project are unique. It is the largest project that involves VEB.RF and commercial banks under the Project Financing Factory programme. Government support mechanisms, along with the competencies of VEB.RF and partner banks, expand access to credit facilities, make it possible to borrow for a longer term and enable project participants to share risks.”

The company continues to build large infrastructure facilities outside the deposit in Chukotka: a year-round port on Chaun Bay; an all-weather road; a 330 kV high-voltage line with a length of more than 400 kilometres from the port to the deposit through the town of Bilibino. According to the participants in the visit, apart from ensuring the efficient implementation of the Baimsky GOK project, the new infrastructure will also help the whole of the north-east of Russia to boost its investment potential and create new growth points in the regional economy.

Georgy Fotin, CEO, Baimskaya Management Company: “From the design phase, we have moved forward to real construction work. Investment will exceed 1.1 trillion roubles, including over 290 billion spent. We find it important that the federal institutions and authorities providing us with support should see us working at a fast pace despite the harsh conditions of the Far North. For instance, support from VEB.RF is not just funding, but trust in our strategy, the professionalism of the team, and the long-term potential of the project. More than just a mining and processing plant, our project is a powerful and technologically advanced industrial facility that will strengthen Russia’s position in the world market and create new growth points in the Arctic economy.”

The project will allow Russia to increase copper production by 25 per cent and gold by 4 per cent, thus boosting its export potential and industrial independence. This will increase annual cargo turnover through the Northern Sea Route by 2 million tonnes, which will enhance its importance as an international transport corridor.

The Baimskoye copper deposit project was inaugurated by Russian President Vladimir Putin at the Eastern Economic Forum in 2018. The project is included in the Socio-economic Development Strategy for the Far East and the Baikal Region for the Period Until 2025 and in the Socio-economic Development Strategy for the Chukotka Autonomous District Until 2030.
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