Russian Copper Company gained control over a copper deposit in the Chelyabinsk Region

28.03.2011 — News

CHELYABINSK REGION.

The Russian Copper Company, CJSC, has gained control over a copper deposit in the Chelyabinsk Region. Tominsky GOK, CJSC an affiliate of the Russian Copper Company, became the winner at the auction for copper ore exploration and mining at the Tarutinsky site.

The representatives of the Chelyabinsk regional government informed "RusBusinessNews" that the license given for 25 years was acquired for 1 billion 737 million 450 thousand rubles. The opening price for the site was 19 million 500 thousand rubles. There were another three companies that took part in the auction. One of them was Ormet, CJSC, an affiliate of the Russian Copper Company. The other two companies - were Zoloto Severnogo Urala (Gold of Northern Ural), CJSC, and Serebro Magadana (Silver of Magadan), CJSC are subsidiaries of Polymetall, OJSC.

The P1 inferred resources of the Tarutinsky site total 260 thousand tons with the average copper content equal to 1.1%.

The Russian Copper Company (RCC) was established in 2004; it ranks third in production of refined copper in Russia. The company includes mining and processing factories as well as smelters that are located in five constituent entities of the Russian Federation and in Kazakhstan. The RCC's production facilities produce 200 thousand tons of copper cathodes and 190 thousand tons of copper rod a year.