Chinese investors may join project to develop large copper deposit in Russia - Putin

MOSCOW. Oct 2 (Interfax) - Chinese investors may participate in a project to develop one of Russia's largest copper deposits, Russian President Vladimir Putin said at the plenary session of the Valdai Discussion Club.

"Chinese companies are among the most active [investors] operating in the Far East. A decision is currently being submitted to the government commission, and it looks likely to be positive, regarding one of the largest copper deposits in Russia, and indeed the world. Chinese investors may get involved there as well. It is located in Siberia," Putin said, without specifying the project.

The Udokan deposit in the Zabaykalsky Territory is the largest copper deposit in Russia in terms of reserves.

Putin inaugurated the hydrometallurgical plant at the Udokan Mining and Metallurgical Complex; the project operator, Udokan Copper, part of the USM holding company, in September, during the Eastern Economic Forum2026. The complex is now capable of producing cathode copper with a metal purity of 99.99%. Previously, Udokan produced copper only in the form of concentrate.

Production capacity of the first phase of the Udokan complex , comprising the processing plant and the hydrometallurgical plant, will average 150,000 tonnes of copper per year. Following the construction of the second phase, this figure will rise to 550,000 tonnes annually, enabling Udokan to rank among the world's top five copper producers.