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Intergeo, NFC and COVEC partner to develop Ak-Sug copper deposit
Today, representatives of Intergeo, NFC and COVEC signed an Engineering, Procurement and Construction framework agreement for the development of the Ak-Sug copper deposit in southern Siberia. The partnership will unite a wealth of experience in mine construction worldwide with a deep and excellent track record of mining and development in Russia.
The agreement provides for the first rate infrastructure, processing facilities and equipment necessary to unlock the immense value of one of the most significant copper mines in the world. The signing ceremony was attended by Intergeo Chairman Dmitry Razumov, NFC President Wang Hongqian, and China Railway International Group President Chen Shiping (representing COVEC) as well as representatives of China’s Eximbank and Sinosure.
Mr. Razumov said, “Today’s signing comes at an auspicious time for relations between Russia and China, as we look more and more toward one another for support and development. We are thrilled to be entering into this partnership and look forward to cooperation with our Chinese partners on the Ak-Sug project. Intergeo is committed to excellence in development that will be of benefit to all parties and communities involved.” Mr. Wang added, “The ceremony coincides with the visit of President Putin to our country and the meetings of our leadership to reinforce relations. We see the Ak-Sug project as the logical extension of the spirit of friendship and mutual benefit between China and Russia. NFC will provide the best available technologies for mining and mineral processing facilities and equipment at Ak-Sug.”
Mr. Chen commented, “COVEC, as part of China Railway Group, its experience in providing state of the art infrastructure such as site buildings, roads and power supply facilities will make the challenge of developing Ak-Sug a success. We look forward to working with our partners to seeing this wonderful project realized.”
The Ak-Sug open mine copper-porphyrite deposit is located in the Tyva Republic in southern Siberia. It has an established resource of over 4.9 million tons of contained copper. Once in production the project is expected to produce concentrate with contained copper content of over 110,000 tons per annum over a 24 year life.
Intergeo is a diversified mining and metals company. The company’s operations are primarily focused on the acquisition, geological exploration and development of non-ferrous metals deposits in Russia. The company is part of ONEXIM Group, which has extensive expertise in managing large, world-class mining companies, including Norilsk Nickel, Polyus Gold, and Uralkali. Since 2007, the company has invested over $350 million into exploration and development of its deposits. Aside from Ak-Sug, Intergeo owns several other projects, including the large Kingash nickel-sulphide deposit, also located in southern Siberia.
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co., Ltd. (NFC) was established in 1983 as a project contracting and nonferrous metal resources development company. NFC’s business covers a wide spectrum of nonferrous metal project execution ranging from engineering, consultancy, equipment supply and installation, technical service, commissioning to personnel training. It has been listed on Shenzhen Stock Exchange since 1997.
China Overseas Engineering Group Co. Ltd. (COVEC), a fully-funded subsidiary of China Railway Group Limited (CREC) ranking in Fortune Global Top 500 enterprise, possesses outstanding capability and capacity in international project contracting, China’s foreign aid projects, overseas industrial investment, labor services and international trade. COVEC is strong in the operation, execution, management and finance of international engineering projects and has a wealth of distinctive international commercial experiences, business information and partnership, and overseas resources.
Source: PRESS RELEASE