Russia is investing $13.4bn in the Baimskaya copper mine to boost production and create jobs.

From Yahoo Finance: 2025-04-21 05:14:00

Russian state bank VEB plans to invest over $13.4bn in the Baimskaya copper mine in Chukotka, with a 70mt ore processing capacity and 300,000t copper output annually. The project is expected to create 6,000 jobs, generate $40bn in tax revenue, and boost Russia’s copper and gold production significantly.

The development of the Baimskaya copper mine is a strategic move for Russia in the Arctic region, aiming to strengthen its position in the global market and drive economic growth in the area. President Putin has highlighted the Arctic as a key economic zone, with plans to increase commercial activity along the Northern Sea Route.

This project aligns with Russia’s strategy for the Far East and Baikal Region through 2025 and the Chukotka Autonomous Region through 2030. Additionally, the country aims to produce 60,000t of lithium carbonate by 2030 to reduce imports and support the manufacturing of high-capacity electric batteries.



Read more at Yahoo Finance: Russia invests $13.4bn in Baimskaya copper mine