Russia & China agree to joint gold mining project in Siberia

The Russian government has approved a cooperation agreement with China on developing the Klyuchevskoye gold ore deposit in the Trans-Baikal region.

The decree was signed by Prime Minister Dmitry Medvedev, and the project is expected to be operational in two years. The planned volume of ore extraction is over 12 million tons per year.

Development of the Klyuchevskoye gold deposit is a very important project, according to the region’s governor, Natalia Zhdanova. Three countries – Russia, India, and China – are involved in the project’s development.

“It is important for the region. Foreign economic policy and attraction of investors are among the key work aspects for the Trans-Baikal’s government,” Zhdanova said, adding that 28 projects involving foreign investors are already being implemented there.

Earlier this month, she held talks with representatives of Indian investment company SUN Gold and Chinese state-owned gold mining company China National Gold.

Chinese and Indian companies plan to invest nearly $500 million in the project, which is expected to create about 3,000 jobs in the region.

READ MORE: Russia to double gold extraction becoming world's second biggest producer

The project will be based on the experience of China Gold in the operation of similar deposits in Inner Mongolia (China).

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