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Construction of Mikheevsky Ore Mining and Processing Plant is underway

The official ceremony of laying the foundation of the Mikheevsky Ore Mining and Processing Plant took place on May 29. The event was attended by Governor of the Chelyabinsk Region Mikhail Yurevich and Chairman of the Board of Directors of Russian Copper Company Igor Altushkin.

Governor of the Chelyabinsk Region Mikhail Yurevich visiting the construction site in the open mine of the Mikheevsky deposit.

The investment project of Russian Copper Company involves the development of the Mikheevsky porphyry-copper deposit (Varnensky District, Chelyabinsk Region) and the construction of the similarly named ore mining and processing plant.

The Mikheevsky porphyry-copper deposit in the Chelyabinsk Region of the Russian Federation is one of the largest copper deposits in Russia: the deposit was put on the list of 50 largest copper deposits in the world by the International Independent Analytical and Consulting Group CRU.

The Mikheevsky Ore Mining and Processing Plant is a project of federal importance: it is the most large-scale project in Russia's contemporary history that involves building an ore mining and processing plant from scratch in the post-Soviet space.

Russian Copper Company's investments into the project total about US$ 787 million. As of today the company has already invested around US$ 244.6 million. More than 700 jobs will be created as part of the project. The estimated amount of tax payments into budgets of all levels over the project implementation period approximates 28 billion rubles.

“This project is of great social importance. In addition to tax payments and job creation, the multiplier effect should also be considered. Infrastructure facilities are being built; local contractors are being engaged. As a socially responsible company, we are implementing social, culturalandeducational programs in the regions where we operate,” commented the Chairman of the Board of Directors ofRussian Copper Company on the importance of the project for the Chelyabinsk Region.

Tax payments and levies of RCC’s enterprises located in the Chelyabinsk Region totalled nearly 1.7 billion rubles in 2011 and more than 605 million rubles in the first quarter of 2012. In 2012, Russian Copper Company intends to invest over 19 billion rubles into developing and upgrading the Group's enterprises operating in the region.

The ore mining and processing plant is expected to be commissioned in the second half of 2013. Its output will total 18 million tons of ore per year.

The enterprise will be integrated into the processing chain of the RCC Group comprising the complete production cycle from mining operations to cathode and wire rod manufacture. The launch of the Mikheevsky Ore Mining and Processing Plant and the Tominsky Ore Mining and Processing Plant, the second largest RCC's project, will provide the company with a raw-material base for the next 25 years.

Russian Copper Company intends to continue expanding its activities in developing new deposits. “RCC is actively developing the mineral resource base using modern technologies. At the same time, we are upgrading our enterprises,” commented a RCC shareholder on the key areas of the company's development. Today, RCC is ranked third in Russia by cathode copper output and second by copper wire rod production. In 2011, RCC's output of copper cathode equivalent totalled 180.6 thousand tons.

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