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07 Aug 2020 | 07:52

KAZ Minerals in talks with Russia over port for Baimskaya project

(Sharecast News) - KAZ Minerals said it was in talks with the Russian government to build a new port and power plant to support its Baimskaya copper mine project. The port at Cape Nagloynyn in Chaunskaya Baywould would be used to ship concentrate and would be linked to the project site by 400km of road. The liquefied natural gas plant would provide power for the operations phase of the project.

"The Russian government and the group are continuing to work together on the details of the power and transport infrastructure required for the project," the FTSE 100 company said.

KAZ bought the project in January 2019 in a surprise move for its first mine outside Kazakhstan. It paid $900m in cash and shares to its previous owner, Chelsea FC proprietor Roman Abramovich.

In June KAZ said drilling results had indicated there were more resources than expected at the site. Estimated costs have increased to about $7bn from an initial $5.5bn.

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