Far East Development Ministry: Private investment in Peschanka deposit in Chukotka amounts to 268 bln rubles
© RIA Novosti. Evgeniy Epanchintsev

Far East Development Ministry: Private investment in Peschanka deposit in Chukotka amounts to 268 bln rubles

Private investment in the Peschanka gold and copper deposit of the Baimskaya ore zone in the Chukotka Autonomous Area will total 268 billion rubles, Minister for the Development of the Russian Far East Alexander Kozlov told the State Commission for Arctic Development on Tuesday.

"Private investment in the project will amount to 268 billion rubles, 3,000 jobs will be created, and the expected share of this project in the freight volume along the Northern Sea Route is estimated at 500,000 tonnes by 2024 and 1.5 million tonnes by 2026," Kozlov was quoted by TASS as saying.

A decision has been made to expand the Beringovsky priority development area to the Baimskaya ore zone, the minister said.

The Baimskaya ore zone holds an estimated 23 million tonnes of copper and 2,000 tonnes of gold (64.3 million ounces). The Baimskaya Ore Mining Company owns the license for the development of Peschanka with the prospected copper reserves of 7.1 million tonnes until 2033. Peschanka's resources are estimated at 9.5 million tonnes of copper and 16.5 million ounces of gold, according to the JORC standards, TASS reports.