Russia's VEB will invest $13.4 billion in copper mines in the country's Far East.

On Sunday, April 20, the Russian government announced on Saturday that the state-owned development bank VEB would invest over 1.1 trillion rubles ($13.4 billion) in the development of a copper mine in the Far Eastern region of Chukotka.

The government stated in a press release that the development of the Baimskaya copper mine, first discovered in 1972, is expected to create approximately 6,000 jobs and generate over 3 trillion rubles in tax revenue.

Chukotka is a mountainous region and the easternmost federal subject of Russia, with about half of its territory located within the Arctic Circle.

Once operational, the mine is projected to increase Russia's copper production by 25% and gold production by 4%.

Georgy Fotin, General Manager of Baimskaya Management Company, said, "We are not just building a mining and processing plant, but a powerful, technologically advanced industrial complex that will strengthen Russia's position in the global market and become a new growth point in the Arctic region."

Russian President Vladimir Putin has identified the Arctic as one of the country's key economic interest zones. Due to sanctions, Russia has shifted its trade from Europe to Asia and accelerated commercial ties through the Northern Sea Route.

The government stated that the development of the Baimskaya copper mine will increase annual cargo transportation along the Northern Sea Route by 2 million mt. (Wenhua Comprehensive)

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CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo

will help you grasp industry trends, expand your network, and explore business opportunities! SMM cordially invites you to join us in Nanchang, Jiangxi Province from April 22 to 25, 2025, to gather in the new era of copper and jointly plan for new development!