Eurasian Minerals reported that IG Copper has received approval to advance the Malmyzh copper-gold project in Russia’s Far East. Approval was granted by the Russian Government Commission on Monitoring Foreign Investment chaired by Prime Minister Dmitry Medvedev.
The Malmyzh exploration and mining licenses are held by IGC (51%) and Freeport-McMoRan Exploration Corp. (49%), with IGC operating and managing the joint venture project. Eurasian is IGC’s largest shareholder with 41% of the issued and outstanding shares.
Eurasian Minerals said the commission’s approval marks a pivotal milestone in development of the Malmzyh project—representing the successful completion of the review process required for “strategically significant” deposits, according to Russia’s Law on Foreign Investments in Strategic Industries, also termed the Strategic Industries Law (SIL).
Conclusion of the SIL process initiates a new, multiyear phase in the project’s development. The Malmyzh team is preparing a project document that outlines advanced plans and programs that include additional technical work (drilling, exploration, metallurgy, engineering and hydrology), as well as environmental, social and economic assessments.
Malmyzh is in the Far East of the Russian Federation, about 220 km northeast of the city of Khabarovsk and the nearby border with China. The Malmyzh porphyry district’s deposits, prospects and targets occur within a 16 x 5-km intrusive corridor concealed beneath a veneer of soil cover. Copper-gold mineralization extends from shallow subcrop to greater than 400 m to 600 m depth.
The project’s inferred resources include four of the 14 known porphyry targets on the property. At a cutoff of 0.2% copper equivalent, there are 2.544 billion mt at a copper equivalent grade of 0.37% for 9.29 million copper equivalent mt, or 20.49 billion copper equivalent pounds, in accordance with the GKZ code.