Fluor Corporation has announced that it has been awarded an initial contract by Baikal Mining Company (as part of METALLOINVEST) for the definition phase of the Udokan copper deposit development project in Russia.
Baikal Mining Company began work on the definition phase study with Fluor Canada Ltd and it is expected to continue through the remainder of 2012. The work is being executed from Fluor’s Vancouver, Canada office with support from the Farnborough, United Kingdom and Moscow, Russia offices.
“This is a strategic win for Fluor in this key region,” said senior vice president and Fluor’s Mining and Metals business line lead, Rick Koumouris. “We are glad that our customer recognized the value of our diverse global mining experience as well as our world class safety culture that will help them accomplish this project.”
During the definition phase, Fluor will develop and perform a metallurgical test work program, and will implement the trade-off studies required to prepare design criteria and scopes of work for the subsequent stages of the international feasibility study for the Udokan copper project.
Alisher Usmanov’s USM STEEL & MINING Company which owns 50 per cent of the shares is the major shareholder in METALLOINVEST Company. Other major shareholders are Vladimir Skoch’s Seropaem Holdings as well as VTB Bank which own 30 per cent and 20 per cent of the shares, respectively.