VEB will finance the construction of a new Baimsky Mining and Processing Plant (GOK) in the Arctic zone and the development of the Peschanka copper deposit. The Supervisory Board of VEB has already approved this project, in which commercial banks in Russia will also invest. The deposit's reserves, the development license for which belongs to GDK "Baimskaya", amount to 9.9 million tons of copper with an average content of 0.39% and 16.6 million ounces of gold with an average content of 0.21 g/t.
The plant's design processing capacity is 70 million tons of ore per year, and the design production capacity is 350 thousand tons of copper in concentrate per year.
The Baimsky GOK in the Chukotka Autonomous Okrug will be launched in four years. The commissioning of the first stage facilities of the Baimsky GOK is planned for 2029, which will ensure the processing of 35 million tons of ore per year. The second stage facilities will be operational in 2030, when the enterprise will process 70 million tons of ore per year. The Baimsky GOK also intends to include a year-round port terminal and an all-weather road with a length of 428 km from the deposit to the new port for shipping products to the market via the Northern Sea Route.
According to VEB, the project will ensure an increase in copper production in Russia by 25% and gold production by 4%. The volume of investment in the project has not yet been disclosed, but it is known that the cost of capital construction of the GOK and its infrastructure was previously estimated at $8.5 billion.
GDK "Baimskaya" owns a license for the extraction of metals within the Baimskaya area, which includes the Peschanka copper-porphyry ore deposit in the Chukotka Autonomous Okrug. The Baimskaya copper-porphyry area in the Bilibinsky district of the Chukotka Autonomous Okrug is one of the largest in the world. 12 promising deposits of copper, gold, and silver have been identified in this ore zone.
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