SHANGHAI, Oct. 23 (SMM) – China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. (NFC) signed a cooperation agreement with East-Siberian Metals Corporation (MBC) to jointly develop a massive lead and zinc deposite in Russia.
The agreement entails future purchase of 50% interest in the Ozernoye project, an integrated construction contract, as well as an offtake contact for the project's output, NFC told Shenzhen Stock Exchange today. The agreement also envisages the project’s financing by China Development Bank, NFC said.
Investment in the construction of the Ozernoye ore mining and processing plant is estimated at $1.14 billion, and the plant will have an annual capacity of 8 million tons of ores, NFC said in today’s statement.
In a separate statement, NFC said it signed a similar contract with Bumi Resources Minerals Tbk. (BRM) to jointly develop Dairi lead and zinc mine in Indonesia.