VLADIVOSTOK, September 11. /TASS/. The Udokan Copper company launched the equipment of the ore-dressing plant of the Udokan mining and metallurgical plant. Russian President Vladimir Putin took part in the launch ceremony via video conference call from Vladivostok, a TASS correspondent reported.

"Onwards!" the head of state said after listening to a report from the enterprise's management. As a result of the launch of the factory at Udokan, the first copper concentrate was extracted. The project is being implemented as part of the Trans-Baikal priority development area (PDA). Investments amounted to more than 230 billion rubles ($2.4 bln), according to the company’s documents.

The construction of a mining and metallurgical plant for the extraction and processing of copper ore at Russia’s largest Udokan copper deposit with resources of 26.7 million tons in the Trans-Baikal territory began in 2019. in the first stage, the plant will be capable of processing up to 15 million tons of ore and producing 150,000 tons of copper per year (copper cathode and sulfide copper concentrate). It is planned to build the second stage of the plant and increase production to 450,000 tons of copper per year with a processing volume of up to 50 million tons of ore. This will allow the company to become one of the top ten largest global producers. The launch of the second stage with a capacity of 24-28 million tons of ore per year is scheduled for 2028.

Priority development areas (PDAs) are territories with a special regime for business activity. Investors are provided with tax benefits and infrastructure, and administrative procedures are simplified. Residents of priority development areas do not pay taxes on profits, property or land for the first five years. Currently, 17 priority development areas have been created in Russia’s Far East.