10 Oct 2012 13:46

Magadan polymetals project could need $5 bln investment

MOSCOW. Oct 10 (Interfax) - Investment in the Oroyek polymetallic ore mining project in the Magadan region could run to $5 billion, the region said in a presentation for South Korean investors.

The project involves mining and processing ore and building a copper smelter.

The Oroyek metallogenic zone contains a probable 11 million tonnes of copper, 16,500 tonnes silver, 550,000 tonnes lead and 700,000 tonnes zinc.

Magadannedra, the regional branch of the Russian Federal Subsurface Resources Agency (Rosnedra), plans to put a section of the zone up for auction by the end of 2012.