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October 18, 2012

Fluor awarded contract for Udokan copper project in Russia

Gerald Ondrey

Fluor Corp. (Irving, Tex.; www.fluor.com) was awarded an initial contract by Baikal Mining Co. (as part of MetaloInvest) 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 Co. 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, United Kingdom and Moscow, Russia offices.

During the definition phase, Fluor will develop and perform a metallurgical test work program, 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.

The Udokan deposit, situated in the Kalarsky Area of Russia’s Zabaikalye Region, is one of the largest undeveloped copper deposits in the world. Baikal Mining Co. was established in 2008 specifically for the implementation of the Udokan copper deposit development project.

Alisher Usmanov’s USM Steel & Mining Co. which owns 50% of the shares is the major shareholder in MetaloInvest Co. Other major shareholders are Vladimir Skoch’s Seropaem Holdings as well as VTB Bank, which own 30% and 20% of the shares, respectively.

 

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