KAZ Minerals Acquires Copper Project in Russia’s Far East

KAZ Minerals has agreed to acquire the Baimskaya copper project in the Chukotka region of Russia’s Far East for $900 million in cash and shares, comprising initial consideration of $675 million and deferred consideration of $225 million. Baimskaya is a significant undeveloped asset, with potential to become a large-scale, low-cost, open-pit copper mine. Average annual production over the first 10 years of operation is forecast at 250,000 metric tons (mt) of copper and 400,000 ounces (oz) of gold. Mine life is forecast at approximately 25 years.
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