Bloomberg News

Metalloinvest to Review Udokan Mining Terms, Kommersant Says

January 29, 2009

OAO Metalloinvest and Russian Technologies Corp. plan to revise the terms for developing the Udokan copper field after prices for the metal fell, Alisher Usmanov, the main Metalloinvest owner, told Kommersant.

Metalloinvest and state-owned Russian Technologies have paid 30 percent of the 15 billion rubles ($440 million) they bid at the September auction, the newspaper said.

The two expect to pay the rest only after agreeing with the government to delay and modify the schedule for developing of Russia’s biggest untapped copper field, Kommersant said.

To contact the reporter on this story: Yuriy Humber in Moscow at yhumber@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net


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