An auction for the development of the Kholodnenskoye deposit was held on September 15, 2004. The auction, announced by the Natural Resource Ministry and the Government of the Republic of Buryatia, was won by OOO Evroinvestcompany, which represents the interests of IFC METROPOL. Evroinvestcompany’s bid amounted to RUB 37,950 mn., which was the largest one.

IFC METROPOL’s victory was resulted from implementing the plan to develop the company’s industrial businesses. Under the project an ore mining factory will be built and local infrastructure will be developed. This will have an overall positive effect on the economy of the Republic of Buryatia. The deposit is expected to meet a growing demand for precious metals in Russia.

Information about the Kholodnenskoye deposit

Kholodnenskoye, Russia’s largest zinc and lead deposit, is placed in the North-Baikal region of the Republic of Buryatia. It has 334 mn. tons of polymetallic ore under the B+C1 category. Polymetallic ores contain cadmium, indium, selenium, tellur and bronze. The deposit is suitable for commercial development; and open-pit mining is recommended.