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. Last Updated: 07/27/2016

Mining Decision Imminent

A decision is expected Friday on Russia's second big international tender for the rights to the billion-dollar Udokan copper deposit project in Eastern Siberia.

Eight companies registered interest in conducting a feasibility study to mine the deposit that has proven reserves of 18 million tons of pure copper and is located in the Chita region, east of Lake of Baikal near the small town of Chara.

The field is now understood to have been reduced to two final contenders, the Australian mining company BHP International Resources, and a Russian joint venture consortium, the Udokan Copper Company, formed by Russian industrial firms with international financial backing.

Interfax reported that highly placed officials within the State Geology Committee said the Udokan Mining Company was more likely to win the tender because it had the support of the local Chita region and would start work in 1993.