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Russian Railway Group Bids for Udokan Copper Field

May 2008.

Russkaya Med (Russian copper), a consortium formed by state monopoly Russian Railways (OAO RZD), has launched a bid for the rights to develop the huge Udokan copper field, the head of RZD said on Wednesday.

"Yes we have handed in the bid," Vladimir Yakunin told reporters in
Sochi. He gave no more details.

The consortium also includes
Russia's No.2 copper miner Urals Mining and Metals Co (UMMC) and the state debt and pensions fund agent Development Bank, formerly known as Vneshekonombank (VEB).

The consortium's bid for the Siberian field estimated to contain some 19.95 million of extractable copper metal follows a bid by metals giant Norilsk Nickel.

The contest for the deposit will take place on Aug.14, reports Reuters.

Source: RZD-Partner

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