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Metalloinvest in 2011 will sell 20-30% of its shares by IPO. The company is ready for listing in the next year, but deployment dates depend on market conditions. Metalloinvest plans to raise $ 3.8 billion to develop the giant Udokan copper deposit in the Trans-Baikal Territory.
Metalloinvest won the competition for the right to develop Udokan in 2008. For two years the company held the first stage of exploration on the field , and two weeks ago announced the tender for the second one.
Udokan which ores contain 60% of copper reserves of Russia or 20 million tons can make Metalloinvest one of the ten largest producers of nonferrous metal in the world.
Construction of infrastructure at the field should begin in 2012 and in 2014 production of at least 12 million tonnes of ore per year will be started, in 2016 - 36 million tonnes of ore per year.
The company is expected to produce 474,000 tonnes of copper per year with a fair extracting of 277 tons of silver.
Metalloinvest won the competition for the right to develop Udokan in 2008. For two years the company held the first stage of exploration on the field , and two weeks ago announced the tender for the second one.
Udokan which ores contain 60% of copper reserves of Russia or 20 million tons can make Metalloinvest one of the ten largest producers of nonferrous metal in the world.
Construction of infrastructure at the field should begin in 2012 and in 2014 production of at least 12 million tonnes of ore per year will be started, in 2016 - 36 million tonnes of ore per year.
The company is expected to produce 474,000 tonnes of copper per year with a fair extracting of 277 tons of silver.
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