KAZ Minerals will get controlling stake and the possibility to buy out the project to develop a large Baimskoye copper deposits in Chukotka, Russia, belonging to Roman Abramovich, Alexander Abramov and their partners.
The company is buying 75% of the project for $675 million ($436 million in money and the rest in shares) and gets the option to buy out the rest for $225 million.
The Baimskoye reserves are estimated at 23 million tons of copper and 2 thousand tons (64.3 million ounces) of gold. (Ukrainian metal)