Clifford Chance has advised Baikal Mining Company on the execution of a EUR 250 million equipment supply agreement with Outotec Oyj for the design and supply of the mine-side processing equipment for the Udokan project in the Russian Far East.
The Udokan copper deposit is the largest in Russia and the third largest in the world, with resources of more than 26 million tons of copper. According to Clifford Chance, the new metallurgical plant will have an annual processing capacity of 12 million tons of ore, producing 130,000 tons of copper as high-grade sulfide concentrate and cathodes. The project will result in the creation of 2,400 direct jobs and up to 20,000 jobs in related industries.
Outotec Oyj is a Finland-listed technology company that sells mining technology and plant projects that it first designs and then executes itself or in collaboration with its partners.
Clifford Chance's cross-border team was led by London-based Partner Sandy Hall and Moscow-based Counsel Ella Omelchenko, supported by a London team consisting of Senior Associates Irina Steinberg and Chris Starkey and Associate Tom Ward, and a Moscow team of Partner Timur Aitkulov, Senior Associates Dmitry Malukevich and Dmitrii Tolkachev, and Associates Nikolay Nesterov and Victor Parkhomenko.