Timir iron-ore project, Siberia, Russia
Name and Location
Timir iron-ore project, Siberia, Russia.
Client
The project is a joint venture between Evraz and Alrosa, which currently holds licences for four iron-ore deposits – Tayozhnoye, Desovskoye –Tarynnakhskoye and Gorkitskoye, in the southern part of Yakutia, in Russia, with a total mineral resource base under the Russian geological classification of 3.5-billion tonnes (Russian geological categories A+B+C1).
Project Description
The first phase of the Timir project involves the development of the Tayozhnoye deposit, which has total mineral resources under the Russian geological classification of 341-million tonnes of iron-ore (Russian geological categories A+B+C1) and grades of 38% to 40% iron.
Value
Total investments in the first phase of the Timir project are estimated at $1.8-billion from 2013 to 2018. Evraz and Alrosa are expected to finance the Timir project on a pro rata basis.
Duration
The mine is expected to come on line in 2018.
Latest Developments
Evraz has agreed to acquire the stake in OJSC Timir for of $160-million, to be paid in several instalments. On completion, Evraz will receive a 51% stake in Timir and Alrosa will own 49% minus one share, and Vnesheconombank will receive one share.
Key Contracts and Suppliers
None stated.
On Budget and on Time?
Not stated.
Contact Details for Project Information
Evraz VP of corporate communications, tel +44 207 832 8998 or email media@evraz.com.
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