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18 Nov 2020 | 09:11

Kaz Minerals to cover portion of CDP infrastructure costs at Baimskaya

(Sharecast News) - Copper miner Kaz Minerals said on Wednesday that the Ministry for the Development of the Russian Far East and Arctic had submitted a multi-party Complex Development Plan for approval that would see the company's Baimskaya project benefit from new infrastructure. Kaz said that under the plan, it would take responsibility for a portion of the infrastructure capital costs at Baimskaya, now expected to be close to $8.0bn for the total project as a result of a revised cost for a tailings storage facility and the impact of a one year delay to the schedule.

Given the changes in the infrastructure plan, the FTSE 250-listed firm said its bankable feasibility study was now expected to be completed in the first half of 2021.

When discussing Nova Resources' recent 640.0p per share offer for the group, Kaz said that it was of the opinion that risks at Baimskaya were "increasing" at the time it recommended the offer and said that the Russian government's CDP had resulted in both higher infrastructure costs and a further delay to its bankable feasibility study.

As of 0910 GMT, Kaz shares were 1.08% lower at 643.0p.
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