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Baimskaya

Overview

The Baimskaya copper project in Chukotka, Russia is one of the world’s most significant undeveloped copper assets with the potential to become a large scale, low cost, open pit copper mine.

Site plan

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Construction power
  • 110kV power line connection to Pevek via Bilibino
  • 20 MW nuclear power
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Production power
  • 220kV power line to Magadan
  • 300+ MW hydropower
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Road
  • Existing winter road network
  • 800km permanent road from Baimskaya to Pevek under construction
  • 250km already completed
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Shipping
  • Copper concentrate to be shipped to Asia from port of Pevek on Northern Sea Route

Baimskaya at a glance

Copper equivalent production
330 kt

First ten years annual average

Copper production
250 kt

First ten years annual average

Gold production
400 koz

First ten years annual average

Copper grade
0.43%

Life of mine average

Mineral resources
2,202 Mt

Mine life
25 years+

Project construction budget
$5.5 billion

Nominal terms

Contained copper
9.5 Mt

Contained gold
16.5 Moz

Cost guidance
1st quartile

Life of mine

Project timeline

Exploration and pre-feasibility study

Prior to KAZ Minerals' involvement in the project, Mineral Resources of 9.5 Mt of copper and 16.5 Moz of gold were drilled to JORC standard and a pre-feasibility study was completed by Fluor.

Acquisition and feasibility study

KAZ Minerals agreed to acquire the Baimskaya licence area on 2 August 2018 for consideration of $900 million, consisting of $436 million in cash and 43.3 million KAZ Minerals shares. A bankable feasibility study was commenced, with Fluor Corporation as lead contractor. The results of the feasibility study are expected to be announced in the first half of 2020.

Pioneer works

The Board approved $80 million of capital expenditure to be incurred in the second half of 2019 which will enable pioneer works to commence on the camp, fuel storage, airfield and site power infrastructure and accelerate the delivery of necessary construction equipment.

Main construction period

Construction of the project is expected to take place between 2020 and 2026.

Copper production

Copper production at Baimskaya is expected to commence in 2026.

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