Fluor bags Udokan copper project contract in Russia

Fluor bags Udokan copper project contract in Russia

4:54 AM, 19th October 2012
Fluor bags Udokan copper project contract in Russia

IRVING, US: Fluor Corporation was awarded an initial contract by Baikal Mining Company (as part of METALLOINVEST) for the definition phase of the Udokan copper deposit development project in Russia. Fluor booked the undisclosed contract amount in the third quarter of 2012.

Baikal Mining Company commenced work on the definition phase study with Fluor Canada Ltd and it is expected to continue through the remainder of 2012. The start of feasibility study services is anticipated for first quarter 2013 and last for approximately 12 months. The work is being executed from Fluor’s Vancouver, Canada office with support from the Farnborough, UK and Moscow, Russia offices.

“This is a strategic win for Fluor in this key region,” said Rick Koumouris, Senior Vice President, Fluor.

During the definition phase, Fluor will develop and perform a metallurgical test work programme and will implement the trade-off studies required to prepare design criteria and scopes of work for the subsequent stages of the international feasibility study for the Udokan copper project.

Alisher Usmanov’s USM STEEL & MINING Company which owns 50 per cent of the shares is the major shareholder in METALLOINVEST Company. Other major shareholders are Vladimir Skoch’s Seropaem Holdings as well as VTB Bank which own 30 per cent and 20 per cent of the shares, respectively. The Udokan deposit, situated in the Kalarsky Area of Russia’s Zabaikalye region, is one of the largest undeveloped copper deposits in the world.

© WOC News

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