Chukotka Copper Project Set to Transform Global Metal Supply

VEB Invests in Baimskaya Copper Project to Revolutionize Global Copper Market

Russia’s state development bank, VEB.RF, is investing over RUB 1.1 trillion ($13.4 billion) into the Baimskaya Copper Project in Chukotka, Russia’s far eastern region. This investment aims to reshape the global copper market. The project will create about 6,000 jobs and generate over RUB 3 trillion in tax revenue, according to SuperMetalPrice.

The Baimskaya copper deposit, which was discovered in 1972, ranks as one of the world’s largest undeveloped copper reserves. It lies above the Arctic Circle in Russia’s easternmost federal district. The development will increase Russia’s copper production by 25% and gold output by 4%. This aligns with Russia’s broader strategy to expand Arctic infrastructure and dominate global metal markets.

Arctic Infrastructure and Northern Sea Route Drive Strategic Growth

President Vladimir Putin has identified the Arctic as a key area for Russia’s economic growth. In response to shifting geopolitical conditions and sanctions, Russia plans to reroute trade toward Asia via the Northern Sea Route (NSR). The Baimskaya project will add two million metric tons of cargo to the NSR annually.

To support this growth, infrastructure development will include a 428-kilometer all-season road and a year-round Arctic port terminal. These facilities will streamline transportation of ore from the Baimsky GOK (mining and processing plant). Additionally, these new transport routes will enhance Russia’s copper delivery system through low-cost shipping channels.

The mining facility will utilize direct flotation technology to process sulfide ores. This method improves recovery rates, making the operation both more efficient and environmentally sustainable.

JORC-Compliant Resources Position Project for Global Success

The Peschanka deposit, located within the Baimskaya license area, holds JORC-compliant resources. These include 9.9 million tonnes of copper at a 0.39% grade and 16.6 million ounces of gold at 0.21 g/t. As the demand for refined copper increases, especially in clean energy applications, the project is well-positioned to meet global demand.

This investment also aligns with Russia’s Far East Development Strategy (2025) and Chukotka’s Regional Plan (2030). Both initiatives aim to create sustainable growth and ensure a stable supply of essential base metals. The Baimskaya Project will strengthen Russia’s role in securing global metal supply chains.

For ongoing updates on this significant development and its effect on copper prices, follow SuperMetalPrice.