Erdenet, the Mongolia-based copper mining joint venture that is 49% Russian-owned, will ship its copper and molybdenum concentrates and alloys to Russia from next year, Alexei Aleshin, first deputy director of the state Russian Technologies (Rostekhnologii) corporation, said during a visit to Ulan Bator.
Rostekhnologii manages Russia’s stake in the joint venture. Mongolia’s government owns the other 51%. Aleshin said Rostekhnologii planned to make a significant contribution to the mining enterprise’s development, buying state-of-the-art equipment for it and putting new products on line.
Erdenet will start to ship copper, molybdenum and titanium alloys to Russia in 2009. It currently sells most of its output to China.
Erdenet produces some 530,000 tonnes of copper concentrate and 3,000 tonnes of moly concentrate from 25 million tonnes of ore per year.
Rostekhnologii controls more than 450 enterprises.
Russia is also mulling involvement in two new projects Mongolia: the Tavantolgoi coal deposit and Oyuntolgoi copper-gold deposit. Firms from the United States, South Korea and China are also expressing an interest.
The Oyuntolgoi deposit is under the operational management of Rio Tinto.
Source: iStockAnalyst
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