Putin’s Bank to Help Finance Siberian Copper Project

Bloomberg reported that VEB, a Russian state development bank chaired by Vladimir Putin, will lend up to $300 million to Baikal Mining Co. to finance its Udokan copper project in Eastern Siberia.

As quoted in the market news:

The resource, which contains 14.4 million metric tons of copper metal, is among the world’s five largest deposits of the commodity, according to the statement. A railway link and coal power station need to be built to develop the project, VEB said.

Click here to read the full Bloomberg report.